Personal Loan Services

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.