This is accomplished by digitising an entire process that previously took time for owners and real estate agents to collect and analyse information of financial solvency that they obtained from their tenants. This new technology makes it possible to significantly improve tenant scoring, as it facilitates direct access to tenant financial information by connecting with the bank. The process is performed online.
The additional financial data provides a more global view of the tenant's economy, as well as an additional guarantee because they come directly from the banks and cannot be altered by potential tenants. The indirect result of applying Open Banking technology to Rent Default Insurance is that policyholders, hand in hand with DAS, can choose the best tenant and reduce potential delinquencies.
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