How Bud helped direct, short-term loans specialist Moneyboat achieve a 20% reduction in missed payments with Assess

With Bud's Assess solution, Moneyboat are empowered with an accurate, data-driven view into their customer's financial situation.

By leveraging real-time transactional data, we're able to provide a clear and concise breakdown of a customer's spending and accelerate application processing times.

Problem 

Moneyboat wants to solve one of the most difficult problems for the British public – waiting until payday. The lender specializes in direct, short-term loans and has been recognized for its focus on responsible lending.

When the Covid-19 pandemic struck, Moneyboat anticipated increasing default rates from customers. It also realized that credit data alone would fail to identify income shocks and furloughed employees, and was battling with long application processing times through manual review of PDF bank statements.

Moneyboat turned to open banking and Bud to help solve their problems.

Solution

Moneyboat selected Bud to help tackle the issues they were experiencing with their credit assessment processes for access to a real-time, accurate view of customers' financial profiles,

Our Assess solution helps Moneyboat's advisors get a clear picture of their customers' financial position with more accurate data on their income, expenses and any debt they may have. 

Our credit assessment solution uses real-time transactional data and provides a clear and concise breakdown of customers' spending.

Outcome

The result? Moneyboat could make better lending decisions and process loans more quickly:

• 20% reduction in missed payments.
• 25% reduction in processing time for returning customers.
• 16% reduction in processing time for new customers.

Want to know how Bud can help you accelerate applications and data-driven decisioning?
Get in touch today!