European credit provider Younited will be able to process credit applications from consumers and businesses instantly, having teamed up with European Open Banking platform Tink.
Younited, which has operations in France, Spain, Italy, Portugal and Germany, will use Tink’s data aggregation and pan-European connectivity to improve the accuracy of affordability decisions.
Through the partnership, Younited will receive up-to-date financial data on customers within seconds, which it will then feed into its own high-end AI-based algorithms to generate an accurate view of applicants’ spending habits and income streams.
In turn, applicants will have to share fewer documents when going through the credit application process.
“Having a full and up-to-date picture of someone’s financial situation is crucial when it comes to making an accurate credit risk assessment,” said Camille de Mari, director France, banking and lending at Tink.
“With capabilities made possible by Open Banking, our Open Banking connectivity across Europe means Younited can instantly access up-to-date transaction data, ensuring that they can give their customers access to the financial services they deserve, at speed.”
The collaboration will expand to offer financial coaching, using the same Open Banking data that supports Younited’s lending decisions to enable customers to instantly access ‘Younited Coach’.
The service will provide free personalised analysis of consumers’ financial situation and help them to budget.
François de Bodinat, chief product officer at Younited, added that those seeking credit, whether for a loan or a retail purchase, deserve “an ultra-fast and hassle-free experience”.
“Thanks to Open Banking capabilities and our partnership with Tink, we are now able to deliver this promise of instant credit decisions at scale – a first in Europe,” he said.
“We’re already serving more than a million customers, and together with Tink, we will expand our services across Europe, continuing our mission of changing the future of lending for the better.”
Back in March, Tink’s ‘Income Check’ product was embedded into Italian lending fintech platform ConTe.it Prestiti’s offering, to provide instant income verification during the credit application process.
In November last year, Tink launched an Open Banking-powered feature, called ‘Balance Check’, enabling its business customers to verify how much a user has in their bank account.