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Open Banking Income and Expenditure Assessments

Accurate, online income and expenditure assessments for digitally enabled lending and collections journeys
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Product Overview

Organisations dealing with customers in arrears, need to take reasonable steps to verify a customer’s current financial position, usually via an income and expenditure form or other form of financial statement. In the UK, the Standard Financial Statement (SFS) is increasingly being used as the industry standard. Using Open Banking we can categorise your customer’s current account data into Standard Financial Statement format in seconds creating a much quicker path to debt resolution.

How It's Used

Build a customer portal
We build your own portal to access customer current account data and capture relevant personal information.
Give your customer options of completing the assessment
Your customers are given the option of either a fast- track Open Banking route to share their income and expenditure information in seconds or complete the information manually using an online form.
Fast track option through Open Banking
Customers choosing the fast-track option are taken through the Open Banking consent process to share transaction data from their own current account, which typically takes less than 30 seconds.
Real-time notifications
You receive real-time notifications when a customer completes their journey.
Combined insights through a personalised dashboard
We combine Open Banking data with bureau insights to populate your dashboard.
Deployment options
Our Turnkey option includes your own customer portal to manage consent without the need for any IT integration. Or via an API link into your existing workflow.

Key Stats

75%
call duration reduction, saves time populating manual assessments¹
1 in 3
Consumers provide income proof with discrepancies²
23 minutes
time reduced by using open banking to complete assessments³
¹Source: BPO Analysis of Income & Expenditure calls, 2019
²Source: Money Advice and Pensions service
³Source: Open Banking Income and Expenditure Assessment product sheet, 2023​​​​​​

Quickly and Fairly Assess Income and Expenditure

The Standard Financial Statement (SFS) is typically 16 pages which is incredibly time consuming to populate. Most companies would traditionally complete the assessment over the phone, which can be a lengthy and manual process for everyone involved. Obtaining an accurate picture of a customer’s financial situation, combined with data insights enables all parties to agree on a fair repayment plan that is affordable and sustainable.
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Open Banking Income and Expenditure Assessment User Journey
Our animation shows how easy it is for your customers to share their transaction data via a simple user journey and demonstrates the how key income and expenditure insights can be viewed and edited in our collections dashboard.

Accurate Digital Income and Expenditure Assessments

Powered by Open Banking
Reduce manual and operational costs
Categorised bank account data mapped to Standard Financial Statements guidelines.
Improve the assessment process
Open Banking removes the inaccuracy which can gather in manual assessments.
Identification of vulnerability
Identify vulnerability early, and support your customers needs in a fair way.
Reduce repayment plan breakages
Better accuracy enables better affordability measurement of an individual.
Assess end of payment holidays
Open Banking can understand customers financial health at different life stages.
Built-in ID Verification
We can confirm identify and verify they are sharing their own bank account details.

Related Resources

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Video
Open Banking Income and Expenditure Assessment User Journey Animation
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InterConnect Decision System Solutions from Equifax
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Talk to us about how our Open Banking powered income and expenditure assessments can help you and your customers.
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Learn more about Digital Income and Expenditure Assessments

See how you can save your customers time and effort while still creating the right outcome for them.
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