Aro launches Aro Precision to mitigate fraud and optimise credit in the UK

To mitigate the complexities of the UK lending market, Aro Precision intends to optimise mortgage affordability and payment stability, offering actionable insights and improving stress tests for more tailored customer offerings. When commenting on the announcement, representatives from Aro highlighted that, as lenders are more hesitant to accept customers from direct channels due to concerns regarding fraud and low intent to repay, the company introduced Aro Precision to address these issues by delivering fraud prevention features and identity verification processes integrated into a single API. In addition to augmenting the reliability of customer data, the solution also plans to accelerate onboarding for trustworthy customers, which in turn grows conversion rates and ROI.

To launch the service, Aro teamed up with GBG, a company providing identity and location solutions, to utilise its global identity network. By leveraging GBG’s network and its onboarding intelligence, Aro Precision is set to be able to assign a Trust Score (0 – 1000) to each customer, classifying them as high, medium, and low trust. Through this integrated capability, Aro intends to deliver increased inclusivity, with more intelligence at the point of onboarding.

Moreover, the current move aims to support the ongoing efforts of mitigating financial fraud and underlines the potential of collaboration between industry participants to elevate standards across the financial sector. As per the information detailed in the press release, Aro’s new solution is set to be available to lenders later in 2024, with the first Proof of Concepts (POC) taking place at the time of the announcement.