Metrics Monthly | October 2020 | AU Edition

Case study Not-for-profit lender Fair For You reflect on a successful year of OpenBankVision

Fair for You (FFY) is a new, award-winning, not-for-profit alternative to weekly payment stores. Consumers purchase items directly from FFY suppliers by taking out a loan with them and repaying in flexible instalments. FFY state that applicants only pay what they can afford, when they can afford it and the faster they pay it off, the less they pay. FFY are a not-for-profit Com - munity Interest Company (CIC) and members of Social Enterprise UK. They state their product is supported and designed by the consumer and that

they are using the power of business to bring about social change. Choosing LendingMetrics FFY and LendingMetrics already had a long standing partnership which com- menced when the lender implemented Auto Decision Platform (ADP) in early 2018. Since then, ADP has successfully been used for their new and returning customer application decisioning pro- cesses. The company was apprehen- sive about implementing Open Banking after hearing mixed views of it’s take-up and incorrectly perceiving that the only benefit would be to save time for the underwriting team in obtaining state-

ments. LendingMetrics demonstrat- ed the numerous additional benefits available with Open Banking, and FFY decided to implement LendingMetrics’ OpenBankVision (OBV) , which went live in the Autumn of 2019. Approach Prior to utilising OBV, FFY used a manual process, which involved their underwriting team reviewing the loan amount requested, affordability result or the declared salary, then making a decision about whether they needed to see bank statements or proof of income. With the manual review of bank statements being a time-consum-

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October 2020 | AU Edition

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