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BankFiling by Luminous Sheds Light on Business’ Financial Health to Create a Clearer Picture of Lending Risk


South Africa-based Luminous has a suite of products to make the lives of financial institution employees easier. Its BankFiling solution, which it launched at FinovateFall in September of last year, is no exception.

Last week, we sat down with the Head of Global Sales for Luminous, Andrew Buchanan, to get a closer look at the BankFiling platform. Here are a few things we learned.


  • Founded in 2007
  • Headquarters in South Africa
  • Offers four products in addition to BankFiling, including:
– Insights
– Business Money Manager
– Personal Money Manager
– Merchant Insights

In a Gartner-approved case study, a bank* that implemented BankFiling reported:

  • A net present value of BankFiling over 5 years is $36 millionLuminous5.jpg
  • Time saved by bank employees using BankFiling adds up to $20 million over 5 years
What is BankFiling?
The BankFiling platform collects the paperwork from borrowers that financial institutions need throughout the lending process. It has two distinct usages:
  1. Before a loan is offered, prospective borrowers can see if they pre-qualify for a loan before they even apply (see loan eligibility notice to the right).
  2. After the bank offers a loan, the borrower uploads their accounting data every month so that the lender can track their progress. This provides feedback to the borrower and helps lessen the risk to the bank.
Benefits to borrowers
  • LuminousIMG1.jpgTakes away the initial fear-factor of applying for a loan by removing the potential embarrassment of being rejected (see rejection notice to the right)
  • Provides the borrower with a monthly health check of their business’ finances. 
  • Reports a benchmark on how the borrower is doing against their competitors based on the accounting data they’ve submitted compared to data from others in their industry.
  • Enables the bank to extend a better borrowing rate because of the frequent communication between the borrower and lender.

Borrower dashboard

Luminous4.jpgBenefits to lenders
  • Encourages more small businesses to apply and borrow because the pre-loan qualification feature removes the fear of rejection.
  • Saves money on manual process such as calculating ratios and manually capturing a borrower’s financial information via email and phone calls. 
  • Provides lenders with a better view of clients’ financial health (see lender dashboard below), so they have less risk on their books.
  • Enhances the relationship between the lender and borrower by providing a larger window into customers’ finances; enabling the lender to cross-sell and up-sell more effectively.
Lender Dashboard

Pricing strategy
Luminous’ unique pricing strategy for BankFiling works on an ROI basis. Luminous works with the lending institution to determine their ROI and it prices the product as a portion of the expected return to bank.
What’s next?

Luminous will soon be able to sell BankFiling as two distinct offerings to match the different use cases mentioned above. It also plans to automate the manual, monthly accounting data upload process by integrating with accounting software such as Xero, Quicken, Sage, and FreeAgent (with the client’s permission).

To learn more about Luminous, watch its FinovateEurope 2013 demo.


*The bank in the case study has 50,000 loans worth $20 billion