What is Account Insights?
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.
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