Efficient Operations Teams With Bank Data

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

Problems & Challenges Currently Faced With Operational Efficiency

Manual Paper-Based Tasks

The current process can currently be defined as being offline and paper based, this is expensive, manual and time consuming.

Paperwork Requirements

If applicants don’t have the right paperwork to hand the they are liable to find an alternative provider.

Manual Examinations
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Underwriters are forced to manually examine statements to look for trends.

Statement Tampering Investigation
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Paper-based statements are potentially contaminated, with applicant’s manually doctoring or tampering with statements.

Reduced Total Applications Processed
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Need for manual intervention with every application means only a certain amount of applications can be processed in any given timeframe.

Inaccurate And Lengthy Analysis

Data analysis efficiency is very low as each statement requires manual examination.

Solutions Using Bank Data & Expected Results For Operational Efficiency

Decision Times
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Decision times can be increased markedly through the use of bank data and instant insights.

Increased Analysis Efficiency
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The efficiency of data analysis can be greatly increased through the use of bank data.

Remove Offline Processes
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Offline processes for applicants are removed as underwriters have access to transactional bank data.

Reduce Fraud
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Fraud risk is greatly reduced as direct access to bank data is supplied, removing any chance of manually doctored statements.

Better Customer Experience
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The customer receives a far better experience as no manual statements need to be sent in, and decision-making time is reduced.

Process More Applications
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Time spent on each applicant is reduced freeing up time for more applications or other business activity.

Convenience Is Key To Open Banking Escalation

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.
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Thanks to DirectID, we’ve been able to scale our business loan service outside London and start making loans across the United Kingdom.

Faisel Rahmen
CEO, Fair Finance

Our Products Solving Credit Risk Management

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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