The ability to categorise a consumer’s spend allows lenders to build a complete profile of an individual, on which more complex financial instruments can be built and sold. The raw data offered through Open Banking is only data, is needs to be manipulated and understood in order to derive any serious benefit from it.
Understand how a consumer spends their money.
Enrich customer transaction data to give a full understanding of them.
Build on the transaction data to form the basis of other financial products.
Manipulate the data in any way that you want to build new offerings.
Categorising customer transactions is a key component within credit risk.
Categorisation can drive insights such as behavioural analytics.
A leading mobility and accident services provider operates with one goal: to get their customers back on the road as quickly and safely as possible.
When a customer struggles to prove that they do not have the funds to pay for a replacement vehicle, they are prompted to connect their account through DirectID. By accessing DirectID Insights, the company can then view the relevant information that portrays a customer's affordability, utilising the advanced visual dashboard to display E.O.D balance, income vs. outgoings, and the stability of their salary payments.
Let our specialist team demonstrate our DirectID platform. We'll cover everything from Compliance and Insights to Solutions & Use Cases.