Faster and more accurate credit decisions
Get real-time access to consumers’ bank data to make better informed credit and risk assessments. With insights into actual financial behavior, you can accept more and reduce risk while providing personalised offers and getting risk-based pricing.
How open banking improves lending
Instant affordability checks
Instantly verify a person’s income with secure, real-time data directly from their bank account. Onboard faster, with a fuller picture.
Reduce loan delinquency
Help borrowers increase their repayment capacity by giving them engaging tools that help them set and track budgets.
Power credit and risk models
Improve the assessment process using clean and standardised transaction data to better inform risk models.
Quick and confident payouts
Remove the need for manual entry of the borrower’s account details for setup for loan payouts.
Simplify settlements
Embed a safe and simple account-to-account payment solution in your app to make loan settlement easier.
Optimise the entire loan process
Offer customers a smooth digital flow to replace slow, manual underwriting processes based on paper applications.
GF Money + Tink
Challenge: a cumbersome process
Relying on credit bureaus for risk assessments or affordability checks takes time, comes at a cost, and provides a limited (and sometimes outdated) picture of creditworthiness. Nordic consumer finance company GF Money was looking for a smoother way to assess applicants’ income and creditworthiness.
Solution: a smooth digital flow
Using the Tink platform, loan applicants can easily connect their bank account to provide an instant and thorough assessment of their current level of income – in just a few taps of a screen. GF Money can now make underwriting decisions in less than ten minutes – when it used to take them two hours.
Income Check
GF Money + Tink
Challenge: a cumbersome process
Relying on credit bureaus for risk assessments or affordability checks takes time, comes at a cost, and provides a limited (and sometimes outdated) picture of creditworthiness. Nordic consumer finance company GF Money was looking for a smoother way to assess applicants’ income and creditworthiness.
Solution: a smooth digital flow
Using the Tink platform, loan applicants can easily connect their bank account to provide an instant and thorough assessment of their current level of income – in just a few taps of a screen. GF Money can now make underwriting decisions in less than ten minutes – when it used to take them two hours.
Income Check
For industry leaders
“With Tink we have provided our customers with a much smoother way to prove their income and their creditworthiness, which has helped us reduce our application processing time down to less than 10 mins. It has helped us increase our automated funnel which in turn increased approval rates, faster time to money, and reduced risk of fraud and uncompleted applications - all real difference makers for our growth.”
David Öhlund
CEO at GF Money
Ready-to-go products that solve real problems
Income Check
Optimise credit decisions and understand your customers’ true financial capacity by instantly verifying income using real-time data.
Risk Insights
Start assessing creditworthiness with real time, up-to-date and verified data giving unique insights into spending behaviours.
Payments
Increase engagement and conversion by giving your customers a fully embedded payments experience – at a fraction of the cost.
Expense Check
Determine spending patterns and how much is recurring on a monthly basis.
More on open banking uses in the lending industry
The regulatory requirements in store for lenders – and how open banking can help
In the wake of the pandemic and the digital transformation of finance, consumers are borrowing money they can’t afford to pay back. But open banking holds the key to safely assess applicants’ creditworthiness.
Get to know the tech behind better risk assessments
Open banking can help make better informed risk decisions – but access to data is just a part of the puzzle. Find out why quality account aggregation and data enrichment are the foundations of a standout risk assessment process.
Tink and American Express launch open banking partnership
Tink and American Express are partnering to improve the onboarding process for prospective card members in Europe, by using open banking technology to instantly verify identity, income and account information.
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.
