Traditional affordability assessments during lending are lengthy and stressful
Open banking allows the borrower to connect their bank accounts to quickly prove affordability
By connecting Open Banking data sources, the customer may bypass the process of gathering of countless paper documents in order to support their application.
Open Banking allows unprecedented insight into the spending patterns of an individual. This allows their financial behaviour to be reflected in an affordability assessment.
In addition to financial data, some non-financial inputs such as employment can be identified in Open Banking transactional data.
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.
Automated analytics leads to big reductions in application processing times.
Traditional credit applications can be a strenuous process for the borrower. Open Banking-based technology helps relieve this burden and improve the lending experience.
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