Product News

Basiq Affordability for New Zealand – Coming Soon!

We are excited to announce that Basiq Affordability for New Zealand is coming soon. This will allow lenders to make faster and better home loan decisions based on real bank transaction data from New Zealand.

Support for New Zealand’s biggest banks available soon

We are very excited to announce that full support for New Zealand is coming soon!

Our flagship product will now provide the ability to get financial data from New Zealand’s biggest banks: ANZ, BNZ, ASB, Westpac and Kiwibank.

Use your own bank transaction data first

You can now get all the facts you need to get a full view of your customer’s financial position. Our powerful Affordability Report aggregates customer account and transaction data across the top New Zealand banks into one single view.

Use our Affordability product to make faster and better home loan decisions based on real bank transaction data:

  • Verify discretionary and non-discretionary spend using our summarised view of NZ living expenses – which is categorised using the industry standard New Zealand Household Classification NZ HEC.
  • Verify the reliability and frequency of your customer’s income with our summarised view of NZ Income sources.

Organisations such as the Regional Australia Bank use Basiq Affordability to provide more responsible and efficient lending.

When you’re ready, you can also use data from other banks by leveraging the Basiq Connect product to provide rich customer bank account information across NZ banks.

Your analytics department can also enrich historical financial data

Banks provide us with large files of anonymised customer bank transaction data and use our Enrich service to gain valuable insights from financial data.

We use industry standard categorisation (ANZSIC) derived directly from Stats New Zealand and our machine learning model uses 52+ data sources to categorise your customer’s spend.  

We also add multiple attributes to identify the merchant where the money was spent, together with the exact location and the category of spend, giving a unique picture of spending behaviour.

The team is very excited for the upcoming release so please feel free to reach out with any questions.

Check out the latest Basiq blog: How much can your customers afford to spend?