Understanding a consumer’s financial health has never been more important.
With the economy remaining turbulent, accurately, and consistently verifying a consumer’s income and expenditure remains crucial in lending responsibly and meeting regulatory expectations.
Without access to the right data, you risk making costly, uncompliant decisions, increasing the potential of delinquency, and putting consumers at detriment.
Affordability IQ2 is a suite of personalised bureau affordability tools that can seamlessly verify a consumer’s income and expenditure for a better understanding of their individual financial situation, so you can make the right affordability decisions, grow your business, and meet regulatory compliance.
A view of a consumer’s income, expenditure and disposable income is key in understanding their individual financial situation, making personalised assessments, and driving better consumer outcomes.
With a more granular, individual level view of a consumer’s financial situation, not only at onboarding but throughout the term of the agreement, with Affordability IQ2 you can monitor their ongoing affordability and capacity to afford credit, and act quickly and responsibly should their financial situation change.
Identify income shock, such as a redundancy or significant drop in income, track current account changes, and support consumers before they become vulnerable.
Personalise your affordability assessments, make the right decisions at the right time and drive better outcomes for everyone.
Download our Affordability IQ2 brochureAccess a view of a consumer’s income, expenditure, and financial wellbeing to make the best possible affordability decisions
Save time and resource by verifying incomes automatically and reducing the volume of manual reviews
Increase your acceptance rate without increasing risk. Accept more of the right consumers and reduce the risk of delinquency and poor outcomes
Proactively monitor and manage a consumer’s affordability, react quickly to changes in financial circumstances and support those who need it
Offer a personalised and frictionless consumer experience. Affordability decisions are tailored to the individual needs of the consumer
Prequalify consumers to ensure they only access products they can afford. Avoid creating an unrewarding application experience
Understand a consumer’s continued capacity to meet payments and support better consumer outcomes
Support evidencing Consumer Duty obligations by understanding consumer's wider financial situation
With higher interest rates, a cost-of-living crisis, a jump in mortgage rates and the UK economy experiencing a technical recession, lenders will naturally be concerned about how British consumers are coping financially. But our affordability update indicates that they can be cautiously optimistic.