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Open Banking: Increased Conversion through Reliable Insights

  • 06-07-2023
  • 3 min

One of the greatest opportunities open banking provides credit providers is the ability to expand their customer base. By giving customers who fail to meet the criteria of the traditional screening processes a second chance through their banking transactions, they can potentially welcome even more applicants as customers. In this article, we will delve deeper into this use case and explore how open banking enables credit providers to identify reliable payers who would otherwise be overlooked.

The screening process and its challenges

For credit providers, conducting a thorough screening before granting a loan or credit is crucial. This screening is intended to minimize the risk of default. Traditionally, potential customers are assessed based on their credit history, income, and other financial data. Potential customers with less favorable credit histories or limited incomes are often rejected, even if they have the means to meet their obligations.

Open banking provides a second chance

Thanks to open banking, credit providers can now gain deeper insights into the financial behavior of potential customers. With the customer's permission, credit providers can access the customer's banking data, including transaction history, savings, and other relevant information. This provides credit providers with a better understanding of the customer's financial situation and enables them to make a more accurate assessment of credit risk.

Benefits for credit providers

There are several benefits for credit providers associated with using open banking in this context. Firstly, they can identify reliable payers who would otherwise be overlooked. A customer with a less favorable credit history but a proven track record of responsible financial behavior may qualify for a loan or credit thanks to open banking. This opens up new market opportunities and expands the customer base.

Additionally, credit providers can streamline and expedite the assessment process using open banking. Instead of manually collecting documents and verifying information, they can directly access the customer's relevant data. This saves time and effort, making the entire process more efficient.

Moreover, open banking contributes to improved customer service. By promoting transparency and collaboration, credit providers can build closer relationships with their customers. They can offer personalized deals, provide tailored solutions, and gain a better understanding of their customers' financial needs.


Open banking has the potential to revolutionize the way credit providers offer their services. By sharing banking data, they can identify reliable payers who would otherwise be rejected, opening new markets and expanding the customer base. Additionally, credit providers can streamline the assessment process and provide better customer service. It is evident that open banking offers benefits not only to credit providers but also to potential customers deserving a second chance.

So, credit providers, open banking is the key to unlocking new opportunities and enhancing your competitive advantage in the dynamic world of financial services.

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Discover the possibilities of Open Banking for your organization!

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