With access to Open Banking, the solution will help financial institutions, banks, leasing companies, and more assess consumers’ creditworthiness automatically. The traditional credit scoring industry has been associated with long, manual processes that have left room for human mistakes as well as being a costly and slow affair. The collaboration will improve creditworthiness assessment by combining the access to financial data from Aiia with Subaio’s existing recurring payments detection, building a whitelabel solution that will remove the headache for financial institutions, the official press release states.
The increasing demand for better creditworthiness assessment is reflected in the EU’s revised Consumer Credit Directive that came into effect in 2021. A directive introduced to reduce the number of non-performing loans by ensuring that financial players identify and document customers’ income and recurring expenses before offering a loan.
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