In many cases, in credit and leasing transactions, inquiries about an applicant’s monthly income and regular expenditure unnecessarily delay the application process. Frequently applicants do not have immediate access to reliable information or they are reluctant to talk in detail about their financial situation in a personal interview. The financial services provider, in turn, can only evaluate the data on the basis of their plausibility. Digital solutions can simplify the process of an assessment of credit-worthiness for all parties involved and lead to an increase in the retailer’s or financial-services provider’s closure rate.
The afb Business Service ‘Digital Bank Account Check’ makes the data for the applicant’s credit-worthiness check available through system-resident, direct and immediate access to the applicant’s online account. It thereby simplifies the budget accounting and the calculation of liquidity. This way it not only obviates the submission of salary substantiation vouchers – the entire process for generating the budget account is fully automated and runs in the background, invisible to the trader.
