ing process, particularly when looking at screenshots of paper copies of state- ments, FFY needed an alternative that allowed them to view bank statement data in real-time, without the need for manual processes. FFY’s demographic specifically requires them to be able to assess affordability and validate income, so by using OBV they can see what a customer earns and spends, as well as any troublesome habits such as repeated use of HCSTC or excessive gambling. Following the previous success with ADP, FFY were keen to establish OBV as part of their decisioning process just as efficiently. They found the first 6 months of using ADP incredibly easy and considered it to be a highly valued piece of software, so were pleased that the implementation of OBV was equally seamless, with the development work completed on their website promptly by the LendingMetrics team. Following this, Fair For You have been able to build the changes into their ADP strategy quickly and efficiently. Result Since implementation, FFY have found OBV highly beneficial to their underwrit - ing process. They currently call the OBV service over 1000 times per month, with the time taken to make a lending deci- sion using bank statement significant - ly reduced, as the underwriting team instantly have the data at their disposal in order to make a decision. The plat- form provides fully categorised bank statement data, allowing FFY to make an informed decision on any marginal
the underwriting team. Using OBV alongside LendingMetrics’ ADP for automated credit decision- ing has allowed FFY to create spe- cific policy rules within their decision engines that directly look at the mul- titude of responses from OBV. This integration has inhibited a coordinated response, allowing the lender to benefit from the many capabilities of ADP, and enabled them to embed a secondary affordability assessment and sophisti- cated income validation rules. The richness of the Open Banking data provided has given FFY’s underwriting team the confidence to start automat - ically approving applications, which in turn has reduced operational workloads and sped up the onboarding process for a customer. Whilst the implementation process of integrating OBV was swift, and FFY have been successfully using the platform since 2019, they have still experienced some resistance from applicants in providing statements. So, to help improve their conversion of requests for Open Banking, they recent- ly worked with LendingMetrics to move to a FFY branded version of the solu- tion. This has been met with a great reception and early signs show that the conversion has increased by c25%. LendingMetrics’ CTO Neil Williams said: “We’re really pleased that our contin- ued partnership with Fair For You gave them the confidence to implement OBV to support their automated decision- ing, and look forward to seeing how their own branded version of the plat- form further enhances their customer experience.”
“
I thought that the only benefit of Open Banking to us would be time saved in collect- ing and reviewing bank statements. Since deploying OBV, the custom- er journey has been noticeably smoother and the richness of data
allows us to au- tomate decisions with confidence. James Wilkinson Head of Lending and Credit Risk at Fair For You
”
cases without having to review each individual transaction, thus saving time and increasing consistency. Implementing OBV has also reduced customer friction, as FFY no longer need to request bank statements for individuals, and customers aren’t required to email their statements to
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Metrics Monthly | 17
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