Why Transactional Data is the Best Data Source for Income Verification

Jan 31, 2019 / by Sarah Kok

I am unashamedly a millennial. I engage in many of the behaviours that make my generation distinctly different to the one that came before it. I am highly individualistic, perhaps some would even say narcissistic. I’ve had social media and access to the internet for as long as I can remember. I don’t really recall a time before having a mobile phone. I spent much of my life in education striving to get the qualifications that my parents and teachers had told me I needed. I studied sustainability, and for a while, I dedicated my life to saving the world and volunteering. I am in so many ways a complete cliché.

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Topics: Credit Risk Management, Financial Inclusion/Social Good, Lending, Alternative Credit Scoring

Why Your Credit Score is Crucial

Jan 11, 2019 / by Sarah Kok

Getting credit or a mortgage declined is a big concern for many of us. In fact, most of us will need to use credit at some point in our lives, so it’s a big deal when we are declined. That’s why credit scores are important – to improve our chances of gaining access to credit and enabling us to navigate quickly through life’s twists and turns. 

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Topics: Credit Scoring, Alternative Credit Scoring, Lending

Instant Access: Now on the Ukrainian Market

Nov 1, 2018 / by Raiha Buchanan

Our latest solution, Instant Access, gives you the power to analyse transactional data through PSD2. This data is used to digitalise credit risk processes – without requiring you to invest in any tech resources or spend any time on system integration. Moneyveo is the first lender in the Ukrainian market to use this solution and our very first partner in Ukraine. 

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Topics: Lending, API, Credit Scoring, Instantor News

The big Challenges Faced in KYC Implementation Today

Oct 25, 2018 / by Helene Stafferöd Westerlund

Recent developments, such as the European Union’s 4th AML Directive, highlight the challenges faced by financial institutions in ensuring KYC compliance in a continuously evolving regulatory landscape. It is now required that European companies disclose information regarding the beneficial owners. However, it’s extremely difficult to create best practices that multinational financial institutions can follow.

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Topics: KYC/AML, Digitalisation, Digital Identity, Lending

How Can Financial Institutions Prepare for Mounting Abandonment Rates?

Sep 17, 2018 / by Raiha Buchanan

On-boarding drop-out rates are rising significantly for financial service institutions. Banks are now losing 52% of their potential customers to application drop-out, an increase of 35% from two years ago. Consumers are increasingly frustrated with time-consuming, legacy processes and are willing to switch to challengers in their search for a streamlined, user-friendly experience. In fact, 43% of customers who had low satisfaction during new account opening indicated they will “definitely or probably” switch as a result.

Image Credit: Etienne Boulanger

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Topics: Onboarding, Lending

5 Ways Alternative Credit Scoring Aids Financial Inclusion

Sep 10, 2018 / by Sarah Kok

To eliminate extreme poverty, many leading global organisations have made financial inclusion a top priority. Business leaders and policymakers have dedicated themselves to improving the quality of life for the world’s poorest, and they believe economic and social progress starts with an inclusive financial system that meets the needs for all income levels.

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Topics: AI/ML, Credit Scoring, Lending

Why is On-boarding Abandonment Increasing?

Aug 16, 2018 / by Raiha Buchanan

As Financial Services processes continue to become digitised, one could almost be forgiven for expecting that more consumers would, therefore, complete the on-boarding process. Yet, drop-out rates are mounting as modern consumers demand easier online applications. This increase is spurred, in part, by how mobile technologies have raised consumer expectations, as users expect simplicity in design and experience. 

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Topics: Lending

Consumer Finance Today: Latest Ebook Release

Jul 12, 2018 / by Sarah Kok

Few industries are transforming as rapidly as the financial industry, with financial institutions striving to gain a competitive edge on their peers. Traditional analog methods are being left behind as industry leaders implement technology to improve speed, efficiency as well as to meet customer needs in an altogether more comprehensive manner. In this fast-paced and unique environment, how can you navigate the market successfully?

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Topics: AI/ML, Lending, Compliance (GDPR, PSD2)

The Truth About PSD2's Impact on Banks

Jun 14, 2018 / by Mariana Wille

PSD2 is reshaping the entire financial ecosystem all the way from traditional financial players to third-party providers (TPPs). The regulations will make it easier for technology companies, FinTechs and challenger banks to increase market share in a space that has been long dominated by banks. The resulting improved competition in the financial market, ultimately means more innovative solutions for both B2B and B2C customers. 

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Topics: Lending, Compliance (GDPR, PSD2)

3 Fascinating Alternatives to Traditional Credit Scores

Apr 22, 2018 / by Sarah Kok

Millennials are well known for disrupting the well-established methods of their elders. Are they doing it again with credit ratings?

Assessing creditworthiness through an individual’s credit score has been around for a long time. But for Millennials, this method often doesn’t work because their preference for non-traditional banking solutions, render conventional credit rating methods ineffective.

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Topics: Credit Scoring, Lending