More than two years ago, the EU PSD2 directive on payment services came into force. It enabled the use of open banking solutions. Under certain conditions, third parties have gained the option of accessing information, such as bank account details, which were previously reserved for banks. Tymon Zastrzeżyński, Co-founder of LOANDO Group, commented on the topic on the FXMAG website.
„The usefulness of open banking solutions in the lending sector goes beyond customer verification and the decision-making process. Lenders can also take advantage of the opportunities offered by open banking in the area of marketing and sales. Access to information from the customer’s bank account allows you to better understand their needs and select the offer individually. In addition, collecting and analyzing consumer data helps to make advertising more effective.”
“After the unfavorable 2020, loan companies expect solutions supporting the return to the previous scale of operations. The tools available under open banking can be helpful in this regard. They allow you to easily and quickly verify the customer, as well as prepare a fuller profile. This allows lenders to better manage credit risk. Moreover, the decision-making process based on the use of bank account data can be automated. This speeds up the issuing of a funding decision and allows more applications to be processed”. – he adds.
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