Understanding applicants or current customers is only really possible once you understand what their income is. Whether it comes from a salary, wage, pension or benefits, there are myriad ways that an individual can receive an income. This can not only fluctuate from month to month, but be paid on different months.
Use income verification to truly understand your customers.
Affordability can be understood when income is.
Credit risk and affordability assessments can be made.
Use income as the basis to make further customer decisions.
Make decisions based on information that is real-time.
Information provided cannot be fraudulently altered.
A top 5 lender in online lending services uses Open Banking data to provide a frictionless application and fast funding process. During the application phase, applicants are prompted to securely share their transaction data through the DirectID consent widget. A detailed view of the individual’s financial profile is then visible to underwriters in as little as 30 seconds, providing verification of account ownership, income and expenditure, and a magnitude of other affordability indicators.
Using Open Banking data to gather this information eliminated fraudulent applications, removed the guesswork associated with manual underwriting, and reduced the application to acceptance turnaround time, all without impacting the individuals credit score.
Let our specialist team demonstrate our DirectID platform. We'll cover everything from Compliance and Insights to Solutions & Use Cases.