Responsible lending in a new era of financial services

Figuring out how much someone can afford to spend should be easy – especially if they securely share their financial data.

But it’s not.  Bank transaction data is confusing.

With Basiq’s new Affordability API – we have taken the guesswork out of bank transaction data.  

Rather than manually interpreting the data, we use machine learning to automatically categorise expenses.  And we use proprietary algorithms to accurately identify income.

Whether it’s an advance on a $200 jumper or a $1 million home loan, bank transaction data can be used to gain insights into your customers ability to pay it back.

Lenders are gaining a competitive edge by using insights from bank transaction data to provide the right loan to the right customer.  

Some want something simple.  ‘Buy now, pay later’ or car leasing services can use to the API to easily check if their customers have had income over the last few months.  Or they can take this a step further by checking where their money was spent.

Other organisations want something more in-depth – they use our Affordability API to make home loan decisions. Check out our case study with Regional Australia Bank who use our API to evaluate a customers full financial position to improve the efficiency of their assessors.

Bank transaction data speeds up lending decisions. Especially when it’s summarised in one place for a customer across all of their financial institutions.

Basiq lets your customers securely share their financial data or upload their bank statements – so they get the money they need to buy something they want right now.

How to get the Affordability API

Reach out to us to learn more about our APIs, direct integration and our user interface controls to seamlessly drop into your current workflow.

Check out our API docs for the Affordability endpoints: https://api.basiq.io/reference#affordability and use our sandbox environment for free – contact us to have your API key activated.