Problem 

Moneyboat wants to solve one of the most difficult problems for the British public – waiting until payday. The lender specialises in direct, short-term loans and has been recognised for its focus on responsible lending.

When the Covid-19 pandemic struck, Moneyboat anticipated increasing default rates from customers. It also realised that CRA data alone would fail to identify income shocks and furloughed employees, and was battling with long application processing times through manual review of PDF bank statements.

Moneyboat turned to open banking and Bud to help solve their problems.

Solution

Moneyboat selected Bud to help tackle the issues they were experiencing with their affordability assessment processes for access to a real-time, accurate view of customers' financial profiles,

Our Assess solution helps Moneyboat's advisors get a clear picture of their customers' financial position with more accurate data on their income, expenses and any debt they may have. 

Our affordability assessment solution uses real-time transactional data and provides a clear and concise breakdown of customers' spending.

Outcome

The result? Moneyboat could make better lending decisions and process loans more quickly:

• 20% reduction in missed payments.
• 25% reduction in processing time for returning customers.
• 16% reduction in processing time for new customers.