Affordability IQ provides a quick and easy access to a more accurate, personalised view of income, expenditure, and credit worthiness throughout their time with you.
Find out more Housing associations and affordability assessments
Overview: Housing associations and affordability assessments: A new context for Open Banking data
A new context for Open Banking data
Our mission at Experian is to help drive financial inclusion for everyone, continually exploring new ways to use our data for good to support consumers to meet their financial goals.
We gifted our Affordability Passport solution to entitledto and believe housing helping to introduce Open Banking data into a space that could see immense benefits.
Most customers were positive about the use of Open Banking and willing to consent to the process. They found the process easier and more user-friendly, especially as it removed the requirement for paper proofs and enabled access to housing more quickly.
Challenge overview
Affordability calculations, even when using entitledto’s digital Affordability Calculator, require a significant amount of manual input from both the applicant and the supporting officer. Manual errors can be made, and self-declared information can be subjective.
We wanted to see whether time could be saved for both parties, all the while improving accuracy and visibility of the applicant’s real circumstances.
Challenges
- Getting an accurate up-to-date view of applicants and tenants' affordability
- Assessing financial situations to help them access housing
View entitledto & believe housing Profile
Company Bio:
entitledto
Our mission is to help everyone to access the benefits they’re entitled to. We want to make sure everyone who is entitled to benefits is empowered to claim them.
By signposting individuals to the support they can claim based on their own circumstances, and by ensuring our tools are easy to use and accessible to the widest possible range of users, we will help to increase benefits take-up and maximise entitlements. And by working with forward thinking organisations, as well as via our own website, we will help people on low incomes navigate the benefits system, so they can better their own lives.
believe housing
believe housing is one of the largest housing associations in the North East of England. We pride ourselves on putting our customers and our people at the heart of everything we do and making them part of our journey in providing better housing services, homes, and communities.
We are committed to a diverse and inclusive workforce to deliver our vision and values of life without barriers and to do the right thing: for our people, for our customers, for our business.
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| Industry: | Housing |
Solution overview
We gifted entitledto our Affordability Passport solution, helping to introduce Open Banking data into a space that could see immense benefits.
believe housing found they had immediate access to more information with greater levels of accuracy than they had previously, saving staff time and resource. Something else they found that was extremely valuable, was a clearer picture of vulnerability. The new process was bringing back strong indicators of potentially vulnerable circumstances, which had not been uncovered through existing affordability assessments.
Affordability Passport uses consumer consented Open Banking data. It returns a personalised view of a person’s income (streams, sources and frequency) and expenditure categorised into 186 categories. It is widely considered to be best in industry with accuracy levels of 95%. Crucially, it identifies behavioural trends and signs of financial vulnerability when assessed over time.
Deliver better consumer outcomes with a single, personalised view of a consumer’s income, expenditure and affordability using consumer consented Open Banking data across customer lifecycle activities.
Find out more about Affordability Passport
Results
- Most customers were positive about the use of Open Banking and willing to consent
- They found the process easier and more user-friendly
- Removed the requirement for paper proofs
Housing associations and affordability: A new context for Open Banking data
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