Solution

Open Banking

Helping businesses use transaction data to drive better customer understanding, better decisions and better products.
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Product Overview

Open Banking lets your customers share their transaction data with you quickly, reliably and securely, and can help provide better customer journeys, reduce the time taken to source documentation from weeks to minutes, enable a more granular affordability assessment and promote financial inclusion.

A few clicks are all it takes to open up a world of possibilities and create better outcomes for everyone. We give our clients the tools they need to create an Open Banking journey that is right for their business and provide a better customer experience.

We have a suite of Open Banking solutions to convert consented transaction data into actionable insights.

Key use cases to commercialise Open Banking

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ID Verification
Enables organisations to perform an anti-impersonation check and help verify the consumer’s identity
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Credit risk decisioning
Combining bank account insights with bureau data to improve your credit risk scorecard effectiveness by up to 20%
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Affordability assessment
Providing a more detailed and insightful view of your customers’ finances enables more accurate affordability decisions
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Collections management
Improve and automate the way you assess income and expenditure to create better customer outcomes

Case Studies

1

Oakbrook Finance Case Study

Watch our case study video where we explain how Oakbrook Finance used Open Banking to accelerate their digital transformation and implemented Open Banking across the whole user journey.

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2

Freedom Finance Case Study

In this video we discuss how Freedom Finance used Open Banking technology to overcome the challenges of sharing consented data in the intermediaries space. A solution which provided Open Banking access to a true panel of lenders for secured loans via their lending platform.

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1 2

Solutions

Open Banking ID

Leveraging the Strong Customer Authentication (SCA) standards needed to log into a UK bank account, we can deliver a secure, real-time customer anti-impersonation assessment, ID verification and proof of address helping to speed-up your on-boarding process.

Automated Income Solutions

At the point of customer on-boarding, we can help you use Open Banking to accurately verify their customer’s declared income or create an accurate estimate of income in cases where income has not been declared in the user journey.

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Business Health Characteristics

We can help you pull out key trends and indicators from before, during and post COVID time periods to help SME lenders to more accurately determine a customer’s current financial position. Enabling  faster, more accurate decisions on the application and management of commercial loans.

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Business Forecasting

Access to business transaction data, offers a much greater level of financial information on their business customers. Offering a better understanding of a customer’s liquidity and cash flow to improve SME business lending and credit applications.

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Video
Open Banking as a Service - User Journey Animation

This short animation shows the streamlined customer journey we can implement, using app-to-app authentication to share actionable insights in just a few minutes.

Deployment Options

Turnkey solution

Our Turnkey option is a simple way to get started with Open Banking using a client-branded open banking journey. 

API Integration

We can offer a fully integrated sign-up journey, seamlessly embedded as part of your customer journey, where Open Banking insights are delivered via Equifax APIs and fed into your own decision systems to help you automate credit decisions.

Offline Analytics

Where our clients already have bank transaction data or obtained through other third parties  we simply import the data and provide offline data analytics and insights  through our dashboards or via API. 

Resources

Related Products and Solutions
Open Banking as a Service
Helping you use bank account information without significant upfront investment or technical integration. Get up and running with a safe, secure and effective Open Banking trial in less than seven days to give you access to powerful categorization and actionable insights.
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Ready to see more?

Contact an Equifax representative today to request a demo.

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