Following this announcement, the new platform, Clear Decision, is expected to optimise the manner in which lenders will make more informed decisions based on customers’ individual financing circumstances. This will take place by using a combination of credit reference and Open Banking data.
In addition, the aim of the launch is to provide an optimised picture of affordability and creditworthiness, which is of particular importance when assessing marginal credit applications. Both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Equifax’s new product is expected to automate the process of combining the data and reducing manual underwriting time and errors. In addition, as there remains a significant opportunity across the industry to take better advantage of Open Banking data in order to aid decision-making, the new platform is set to help improve operational efficiency, broaden financial inclusion, as well as enable lenders to approve more customers with confidence and security.
Furthermore, as lenders are currently facing increased pressure to deliver optimised consumer outcomes, the process of establishing a deeper understanding of clients’ affordability is increasingly important. This takes place in the case of marginal lending decisions in particular. With this in mind, Clear Decision is expected to focus on these challenges and optimise the manner in which lenders leverage credit bureau and Open Banking data in order to optimise the user experience.
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