Affordability
Reduce risk with quick and informed decisions
Problem
Unstructured data makes informed decisions difficult for lenders and financial advisors. Misrepresentation or mistakes by an applicant can be costly, time consuming and make confident judgements a challenge.
Solution
Bud helps advisors get a clear picture of their customer’s finances with more accurate data on their income, living expenses and any debt they may have. This provides lenders with the right financial data to make quick, informed decisions and gives customers a simple and straightforward experience with their application.
Products & Features
Open Banking API
Receive and manage customer consent to securely access their current, credit card and savings account information and transaction data.
Core enrichments
Categorisation, regular transactions and merchant ID APIs underpin Bud's affordability capability
Insights API
Adds context by providing category totals, finding salary payments and calculating left-to-spend totals
Affordability API
Allows clients to create custom mapping for category totals (for pre-filling affordability forms) and flagging significant transactions that might prompt further discussion.
How it works
Customers connect all of their current, credit cards and savings accounts.
Pre-fill forms to make applications quick, easy and accurate.
Display income and committed spending such as bills and living costs.
Use the data and insight to reduce risk with informed decisions tailored to each applicant.
In use
Understanding affordable repayments
A lender's collections team, concerned with customers falling behind on repayments, has built a flow using Aggregation and Intelligence. To mitigate the huge number of drop-offs during the onboarding process we were able to automatically populate 60 out of 65 fields using aggregated data – completing more than 90% of the otherwise manual and laborious process.