Affordability solutions that are leading the way in lending
By utilising consumer data, open banking is revolutionising every corner of the financial world. It’s given way to all sorts of new products and services that are making banking simpler, faster, and safer.
Open banking technology is revolutionising the world of finance, and now lenders can enjoy the benefits it brings.
Affordability assessments are becoming more and more important for lenders, given the macroeconomic situation throughout Europe.
Download our ultimate solutions guide to see how open banking can help you in your loan origination process.
One particular area of the financial landscape that is benefiting both consumers and lenders alike is consumer lending. Through different products and services, open banking is giving lenders the tools they need to assess their consumer’s data. It’s also giving underserved consumers, especially those with non-traditional circumstances, such as freelancers, expats and younger consumers the ability to be assessed for creditworthiness more accurately. As well as all of the benefits of open banking, there are also new regulatory requirements for loan origination from the European Banking Association, meaning a lot of lenders in Europe are looking for ways to comply with both the EBA and local authorities.
Affordability checks, minus the fuss
Traditionally, affordability checks have been time-consuming and painstaking for lenders. They involve a lot of work but still often leave out a lot of key information when it comes to assessing creditworthiness. Which in turn can be unfair to the consumer. Open banking is bridging the gap and harnessing the power of consumer data to give a clearer picture of each individual consumer’s financial situation.
With Income Check and Expense Check, Tink makes it possible to understand and validate a consumer’s affordability, when it comes to both their incomings and outgoings.
One guide – many solutions
With so many possibilities for open banking, it can feel a little bit overwhelming to figure out how it can help lenders. Take a look through our ultimate guide to open banking solutions to get a full picture of all the solutions we can offer to help lenders streamline loan application processes.
More in Open banking
2024-11-19
12 min read
From authentication to authorisation: Navigating the changes with eIDAS 2.0
Discover how the eIDAS 2.0 regulation is set to transform digital identity and payment processes across the EU, promising seamless authentication, enhanced security, and a future where forgotten passwords and cumbersome paperwork are a thing of the past.
Read more
2024-10-08
6 min read
Lending essentials: how enriched data solutions help lenders tackle constraints
Enhancing your affordability assessment with Tink’s data-enriched solutions helps you put an end to inaccurate data, prevent fraud in loan origination and stay compliant – read on to explore the benefits.
Read more
2024-09-24
4 min read
Why Pay by Bank fits luxury retail like a glove
Pay by Bank offers a solution that addresses the potentially higher transaction fees and fraud risks while enhancing the customer experience for luxury retailers.
Read more
Get started with Tink
Contact our team to learn more about what we can help you build – or create an account to get started right away.
