Affordability Assessments With Bank Data

Make more informed lending decisions with real-time data and instant insights.

Problems & Challenges Currently Faced For Affordability Assessments

Information Available

Decisions are not made with the best or most up to date information available.

Affordability Regulations

Regulations and compliance are difficult to adhere to for affordability.

Bad Debt

The volume of bad debt that is sent to collections or is written-off is very large.

Time Spent

The volume of time spent calculating a customer’s affordability assessment is significant.

Human Error

There is a lot of scope for human error within the process of assessing affordability.

Physical Documents

Assessments typically require a lot of physical documentation.

Solutions Using Bank Data & Expected Results For Affordability Assessments

Instant Insights

The analysis that can be provided through bank data is insightful and actionable.

Operational Improvements

Affordability can be calculated accurately, on mass, and at speed.

Accuracy & Consistency

Bank data adds veracity to the decision-making process for lenders.

Customer Specific

Offer products and services that accurately reflect the customers' financial position, and what they can repay.

Financial Habits

Insights such as spending habits, cash-flow and salary can all be identified and built into the decision-making process.

Quicker Decisions

The review process is shortened considerably. Customers can be informed of the outcome with a modicum of fuss.

A Case Study In Affordability

In this article, we examine the downfall of a company once valued at $1 billion, ask what role financial authorities played in their introduction of affordability regulations, and consider the future of the lending market.

Read this article
DirectID supports our underwriting process and decisions and helps demonstrate how we’re lending responsibly.

Faisel Rahman
CEO, Fair Finance

Our Products Solving Affordability Assessments

The current process of affordability assessments is long, inaccurate, and allows for a high chance of human error. With so much physical documentation, and manual assessment required, fraud also becomes a high risk factor to every application. And adding to this, poor affordability decisions can lead to weak long-term businesses!

Supplement your
CRA Implementation

Don't lose business through exceptions processes or marginal applications. Supplement your standard CRA assessments with instant insights and real-time data.

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