Expense Check is a software solution designed to help lenders assess the affordability of loan applicants quickly and accurately. It leverages real-time data to provide a comprehensive understanding of an applicant's financial situation, allowing lenders to make more confident lending decisions while adhering to regulatory requirements such as those set by the EBA (European Banking Authority). The software utilizes advanced models to estimate regular spending, uncovering hidden costs and providing insights into active, regular, and irregular spending patterns. This includes analyzing data from various categories such as housing, loans, utilities, groceries, transport, childcare, insurance, healthcare, subscriptions, and more, as well as loan payments, credit card payments, and transfers to external banks and investment platforms. Expense Check replaces manual data input with verified and engineered transaction data, leading to a smoother customer journey and higher conversion rates. The software's functionality also supports compliance with local and international regulations, minimizing risk and ensuring responsible lending practices. Key features include access to multiple real-time data points, identification of discretionary spending, and the ability to generate standardized JSON reports.

Features

Affordability Assessment

• Accurately assesses client affordability in minutes using real-time data, enabling lenders to make confident lending decisions.
  • Provides a standardized JSON report with real-time data.
  • Uncovers hidden costs and provides insights into active, regular, and irregular spending.
  • Replaces manual data input with verified and engineered transaction data.

Regulatory Compliance

• Helps lenders comply with local and international regulations, including EBA requirements, by providing a clear and comprehensive view of applicant finances.
  • Supports responsible lending practices.
  • Minimizes risk associated with lending decisions.

Improved Customer Journey

• Streamlines the customer onboarding process by replacing manual data input with verified transaction data, leading to higher conversion rates.
  • Offers a seamless way of determining a customer's risk exposure.
  • Provides a better customer experience.