Tomorrow’s lending experience runs on consumer-permissioned data. Credit scores and self-submitted details have provided a framework for easy personal lending and even some business loans, but tomorrow’s lending will utilize consumer-permissioned data. This data comes directly from bank accounts, and this process increases accuracy and improves the experience for borrowers when used to augment credit scores and verify self-submitted information.
This transformation into consumer-permissioned data use in credit-decisioning is already happening today thanks to Finicity’s leading open banking data access connections direct to bank accounts. Where’s lending with data headed? How will it benefit lenders and consumers? Download our open banking lending infographic to learn more.
This data allows for simple, personal experiences to capture customers and build trust. It also reduces friction and allows consumers to apply for loans across the devices they use.
One interaction with your borrower can tell a complete financial story using data from different accounts for real-time insights without needing to wait to confirm borrower-submitted details.
Empowering experiences provide direct benefits to the customer by allowing access to their financial data, control over how it’s used, and the ability for them to benefit from its use, such as with obtaining a better loan product or lower interest rate. Additionally, this new innovative service provides lenders a competitive edge.
A more secure experience provides clear reasons for consumers to test the waters of new lenders or new products. Knowing your data is safe makes trying new lenders, partners, or products more likely providing a boost to innovative, new products by answering a big question for many people — security.
If you’re ready to explore how data can positively impact how you lend to your customers, sign up for a demo today.