OpenBankVision (OBV) product was a clear contender and one of the most highly regarded solutions available. Elevate’s main priority was quality of data and categorisation, and they felt confident that LendingMetrics was able to provide precise categorisation of high-quality bank statement data. Approach In a challenging and changing regulato- ry environment, Elevate began looking to Open Banking as a powerful tool to better understand and verify the finan- cial position of their customers. It was very important to them that customers continued to benefit from their easy- to-use application journey, and OBV’s pre-existing user journey proved clear and simple to navigate. Elevate initially chose to use the lite version of OBV - which uses LendingMetrics’ consumer friendly oohMoolah brand – and now also have the ability to use their own branding and styles instead, which will integrate OBV into their customer journey even more seamlessly. Looking forward, Elevate will seek to expand their use of Open Banking to help with risk decisioning, customer experience and financial education.
The implementation process was extremely smooth and LendingMet- rics’ OBV team worked very well with Elevate. The high levels of communica- tion throughout the process meant that Elevate were able to achieve everything they wanted and began using OBV within a short timescale. Result The conversion rate has proved very positive so far. At the verification stage in the application journey, Elevate offer several different options for customers to provide the required data and the majority of applicants have opted to share their bank statement data using OBV over using a manual method. Cus- tomers’ have fed back to Elevate that they really like the system and have found it easy to use. Since implementing OBV, Elevate have seen an uptake in applications, as it offers customers a clear way of proving details such as their income and other credit commitments. Operationally, Elevate have seen more consistent results, which has in-turn allowed them to improve upon and speed up their processes. David Wylie, Commercial Director of LendingMetrics said, “we are delight-
ed to be working with such a strong brand as Elevate and are thrilled that they have chosen OpenBankVision as their open Open Bbanking supplier. We have invested heavily to bring a power- ful, fast, and secure solution to market which delivers some of the best cate- gorisation available anywhere. We look forward to growing the relationship with Elevate”.
We are really pleased with the uptake and performance of our Open Banking verification tool so far. Not only has the integration been seamless and painless, we can tell from early indicators that our customers love this new feature too. Delivering a better experience to our customers while improv- ing operational efficiency is a double win for us.
- John Batley
Director of Credit Risk, Elevate Credit
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