Follow Laura and Samuel as they go through the credit checking process. You’ll see that Laura, by opting for an open banking credit check gets her answer (and her credit) much faster than Samuel.
This process isn’t great for anyone:
Borrowers like Samuel follow a difficult application process and wait weeks for approval.
Credit analysts like Marie spend a long time going through paper documents.
Even with lengthy review of all this disjointed data & documents the credit check may not be very accurate and it is tough to check for signs of fraud.
Lenders report up to
75%
abandonment during the application process, meaning lost business and frustrated customers.
*SalesCycle marketing report 2019
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