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Affordability and driving the right outcomes for customers has never been so front of mind for credit lenders. Over the past couple of months, every market has been challenged to deal with credit-stressed consumers, in situations where they didn't necessarily expect to be.
In the UK alone, it is estimated that more than 80 million affordability assessments are completed each year, most of which are done manually over the telephone. To the customer, it can feel like an interrogation of their finances and a cumbersome chore to get done with, which result in rushed and inaccurate answers.
Channelling the right customers at the right time for online affordability assessments in now available in a quick, safe, forward-looking, and intelligent solution. The combination of Open Banking data with a self-service assessment online can reduce the time of assessment for customers from 30 minutes to 3, while cutting costs by 90% for the creditor and increasing assessment accuracy.
Meet Our Presenters:
John McMahon - Thought Leader, Senior Partner at FICO
Russell Robinson - VP for Customer Communications Services at FICO
Olly Betts - Co-Founder & Chief Product Officer of OpenWrks