Open Banking Data Enables Real-Time Lending Decisions
Edinburgh, Scotland – Scottish based FinTech The ID Co. has today announced the launch of DirectID Insights.
Leveraging Open Banking data, DirectID Insights is the first online decisioning tool for use by Underwriters, Fraud Analysts and Credit Risk Officers that requires absolutely no integration. It drastically reduces operational costs for small and large businesses and unlocks all the information from bank data required for lenders to grant, or deny, loan applications.
DirectID Insights provides those offering credit with the ability to view and analyse a customer's bank statements in seconds – this is as easy as logging into Online Banking. With zero integration, DirectID Insights offers prepackaged reports for lenders and underwriters that allow for lending decisions to be made within minutes, rather than days or weeks.
DirectID Insights is unique in that it can be integrated by businesses in just days.
Leveraging machine learning and big data analytics to illustrate the data, DirectID Insights utilises a rich reporting tool to display this data in a concise and manageable way.
DirectID Insights offers a host of options that are critical for Underwriters and Credit Risk Officers, including Account summary to see an overview of each account; Deposits and outgoings analytics; End of day balances; Loan servicing; Gambling analytics and; Transaction Reporting. DirectID Insights offers up to twelve months of bank data for each individual or business which is categorised and classified. It has been built following extensive consultation with current clients, ensuring that everything required for a loan decision is available on one dashboard.
James Varga, CEO of The ID Co., said:
“Through much of 2018, criticisms in the uptake of Open Banking technology continued unabated through the media. The launch of DirectID Insights offers the opportunity for financial firms to be up-and-running in days with bank data. We therefore welcome the opportunity to illustrate to the industry what our market-leading technology can accomplish through Open Banking. With this offering, The ID Co. has further cemented its place as an instigator, pacesetter and market leader within Open Banking.”
Summary page from DirectID
Helen Stewart, Product Owner at The ID Co., commented:
“DirectID Insights provides a holistic view of a customer's financial health in seconds. Lenders no longer need to rely on applicant provided information around incomings and outgoings, and applicants no longer need to acquire and provide months of paper-based bank statements. Lenders will benefit from decreased fraud and significant operational costs-savings, reducing underwriting processes from over an hour in some cases to just a few minutes. Customers will benefit from a streamlined onboarding journey and a credit decision within minutes or hours, rather than days.”