Open Banking Insights - Consumer

Equifax offers Open Banking consumer solutions that convert consented transaction data gathered through the open banking into actionable insights. Our solutions can be seamlessly embedded as part of your customer journey and can be fed into your own decision systems to help you automate credit decisions.<p><p style="font-size:14px">We can enable your customers to share their transaction data quickly, reliably and securely, and can help provide better customer journeys, reduce the time taken to source documentation, allowing for better, faster and more accurate decisions that puts the customer at the heart of the decision and promote financial inclusion.</p><p><p style="font-size:14px">For further information on our Open Banking solutions, please click <a href="../open-banking-insights">here</a>.</p>
Benefits
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CONSENTS MANAGEMENT PLATFORM
Provision of a branded, customer-facing consents management platform which takes care of the regulatory and technical requirement to provide transparent and editable consent management
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REAL-TIME DATA RETRIEVAL
Real-time data retrieval of a consumer’s personal current account transaction data made available from Open Banking APIs
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ACCURATE AND DYNAMIC
A more accurate and dynamic picture of your customer’s finances to help you measure creditworthiness and affordability
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IDENTIFY EARLY WARNING SIGNS
Identify early warning signals to changes in lifestyle, financial status and signs of potential vulnerability
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UNIFIED PLATFORM
Providing a unified platform allowing easy integration to our clients
Key Features
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      Open Banking offers a faster and more efficient way for customers to share current account information with you digitally and securely
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      Help you verify a consumer’s identity and as an anti-impersonation check, avoiding the need for paper based proofs
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      Enables you to automate income verification in real-time, including insight into the different components of income such as salary, benefits and pension
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      By calculating an accurate picture of your customer’s income and expenditure, we can help you assess the affordability risk of consumers. This will enable lenders to set more appropriate credit amounts or put in place more affordable repayment plans for customers in arrears
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      Improving access to credit for customers with thin credit files and other under-served segments, allowing more information to be shared with the lender that can help you make more informed credit decisions
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      Enable the development of more predictive credit risk models developed on both credit information and alternative data

Use Cases
Open Banking Consumer Insights service can be used for:
  • Credit Risk Decisioning 
  • ID Verification
  • Affordability Assessment 
  • Collections Management
  • Income verification and estimation

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