Case study

How Bud supported Fluro in improving their application process and better serving vulnerable customers

“Using Bud, we have been able to make it much simpler for our customers to verify information, such as their income, as part of the application process.

This has replaced cumbersome bank statements, allowing our customers to complete their applications and receive funds in the most convenient fashion.”

Michael Hoare
CRO, Fluro

Problem

Fluro is a lender offering fast access personal loans in a manner that is clear, transparent, fair and helpful.

Before adopting Open Banking, Fluro verified their applicants’ finances by reviewing bank statements. This created lots of friction, both in getting the information from the applicant, and also the time taken for underwriters to manually review the statements.

In addition to improving their application process, Fluro needed a solution to quickly and easily identify vulnerable customers who may have fallen victim to scams and social engineering attacks.

Solution

Using Bud’s Open Banking and data intelligence solutions for all loan applicants helped Fluro in three key areas. First, Fluro can now see live and up-to-date categorized financial data, removing the need to manually review bank statements.

Second, the ability to see a live and complete view of a customer’s circumstances helps Fluro to make better decisions in supporting customers with characteristics of vulnerability or who may have been susceptible to scams by alerting or providing advice on next steps.

Finally, Bud’s Open Banking and enrichment services resulted in improved conversion rates, as Fluro was able to better automate and verify key characteristics to support more customers with good, fair decisions delivered in a timely manner and without unnecessary barriers.

Want to know how Bud can empower you to more holistically serve customers? Get in touch today!

"Open banking is changing the way businesses and lenders identify vulnerable customers, through leveraging transactional data to uncover important insights.

Through the lens of transactional data, businesses and lenders can identify customers struggling with low financial resilience, health challenges, or significant life events. This means they can take proactive measures to safeguard customers who have low financial confidence and may be vulnerable to scams.

By surfacing information like income stability, reliance on sickness benefits, engagement in high-cost lending, or patterns suggestive of problem gambling, open banking empowers businesses to not only identify vulnerability but also proactively offer the appropriate support."

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