Harnessing the power of open banking, by unifying pure PSD2 bank APIs across Europe into one single platform, Neonomics can enable a much more streamlined credit risk assessment process with its partners.
Typically, credit risk assessment is a time-consuming, often manual process, that can narrowly define the picture of an applicant. Account Insights automates much of this laborious process enabling a much faster and more accurate assessment of a consumer which in turn creates opportunities and savings for the entire value chain.
How the credit risk assessment process works with open banking
Automated: Account Information Services (AIS) API can access the applicant’s account data in real-time upon their consent. This means being able to verify income, outstanding loans, and expenditures directly from its source.
Faster conversion: By automating the process, lenders can quickly evaluate the applicant's risk profile and an applicant can get answers in a timely fashion.
Accurate: Having access to the applicant’s account data allows you to make more accurate and well-informed decisions as it mitigates a possibility for fraudulent attempts.
Holistic: When the data is combined with a categorization algorithm, it not only draws the applicant’s current financial picture but also predicts how it might change based on their current spending behaviors.
Following the initial launch in Denmark, Neonomics’ Account Insights is expanding into the rest of the Nordic countries. To learn more, visit our Account Insights page or download our case paper.
Neonomics AS is licensed as a Payment Institution (PI), Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP), issued by the Norwegian Financial Supervisory Authority (Finanstilsynet) passported across the EU.