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Customer convenience has been the key to success for many of the technologies that have become commonplace. Look at plastic overtaking the cheque, and increasingly, cash. Contactless replacing chip and pin. It’s this premise that will determine the future success of Open Banking. If it offers consumers the opportunity to do more with their finances; more conveniently, faster and cheaper, then it will become the norm.
Thanks to DirectID, we’ve been able to scale our business loan service outside London and start making loans across the United Kingdom.
CEO, Fair Finance
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!
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