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Automated Affordability

Provide a better customer experience by improving the accuracy and speed of affordability assessments through automation.


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Problem

Lending often involves an affordability assessment comprising of an extensive data gathering process which can result in a lengthy and often stressful process for the borrower.

Solution

Open Banking allows the borrower to instantly connect their bank accounts to the lender allowing key inputs to loan applications to be automatically extracted.

Benefits

For automated affordability checks

Automated Data Extraction


By connecting Open Banking data sources, the customer may bypass the process of gathering of countless paper documents in order to support their application.

Spending Patterns


Open Banking allows unprecedented insight into the spending patterns of an individual. This allows their financial behaviour to be reflected in an affordability assessment.

Non-Financial Data


In addition to financial data, some non-financial inputs such as employment can be identified in Open Banking transactional data.

Reliability


Secured loan applications often rely on a borrower subjectively estimating quantities such as discretionary spending. With Open Banking connectivity, robust and objective quantification of such figures is now available.

Fast Approval


Automated analytics leads to big reductions in application processing times.

Customer Satisfaction


Traditional credit applications can be a strenuous process for the borrower. Open Banking-based technology helps relieve this burden and improve the lending experience.

Any further questions?

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