Zeal Solutions and Basiq have partnered to leverage consumer-accepted data throughout the credit life cycle

The proliferation of comprehensive credit reporting (CCR) schemes, consumer data rights (CDRs), and alternative credit makes a detailed analysis of the borrower’s financial viability more important than ever. Comprehensive, accurate and up-to-date customer financial data not only helps financial institutions provide better service to borrowers with a positive credit history and a new generation of “borrowers”, but also borrowers experiencing financial difficulties. It is also useful.

To make consumer-consented data available to more providers and lenders throughout the credit life cycle Basiq Zeal Solutions is partnering to provide a rich credit valuation solution that uses real-time data to accelerate customer onboarding and improve services and decision making through transactional insights.

Since 2006, Zeal Solutions has helped some of Australia’s largest financial institutions manage consumer and commercial credit risk with a range of products and services that span loan formation, debt collection and compliance. rice field.By partnering with Basiq, Zeal can now get a live feed of financial data, whether stored in a bank, fintech, or an alternative credit provider. Basiq has been enhanced to normalize and gain insights on all the data returned, allowing Zeal to make the best financial decisions on its behalf. This includes identifying discretionary and non-discretionary spending to better assess the applicant’s current financial situation, and the ability to adjust spending to improve future affordability. ..

Specifically, Zeal uses transaction data and insights agreed upon by Basiq consumers to:

  • Accelerate the onboarding process with the ability to instantly understand customer spending and loan services based on transaction data for up to two years.
  • Add personal financial management capabilities to provide customers with insights into spending and savings patterns.
  • It provides customers with “customer assistance” tools that help them pay off their debts through informed transaction data.

By partnering with Basiq Zeal Solutions, we can also provide our clients with continuous visibility into their customers’ finances. With continuous, real-time, digital visualization of a customer’s financial position, the customer can assist in repayment through a coordinated payment plan. This extends to automated notifications and reminders. The Zeal Solutions Digital Collect Ezee system also offers an integrated payment gateway combined with a real-time system, providing a powerful solution for increasing collection rates.

For Zeal CEO Dion Nathanielsz, financial data is the key to revolutionizing credit risk management, adding: The benefits are clear, but few markets reflect how powerful financial data is. We are very excited to be able to implement these benefits and leverage transactional data insights to improve every aspect of the borrower and lender credit lifecycle through this partnership. “

As CDRs encourage more participation in open banking, Basiq will make Zeal available to comprehensive, accurate and up-to-date customer financial data from a wider range of institutions. For Basiq CEO DamirĆuća, open access to enhanced data reduces information imbalances between borrowers and lenders and helps borrowers overcome difficulties.

“Open banking and compulsory data sharing under CCR will enable us to better differentiate and serve our customers based on risk. Making this more accessible is risk. It only leads to better pricing for lower customers, more accurate lending decisions, and the ability to better assist customers experiencing financial difficulties. “

Zeal Solutions and Basiq have partnered to leverage consumer-accepted data throughout the credit life cycle

Source link Zeal Solutions and Basiq have partnered to leverage consumer-accepted data throughout the credit life cycle

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