Personetics partners Plaid to bring open finance intel to FIs

This partnership between Personetics and Plaid is a major step forward for any business that relies on automated credit decisions. By combining Plaid’s ability to access real-time consumer financial data with Personetics’ AI analysis, lenders can now see a much clearer picture of a customer's financial health. For retailers and service providers, this means the financing tools you offer on-site or online are getting smarter. Instead of relying solely on old-school credit scores, these systems can look at actual cash flow and spending habits. What this means for your business is higher conversion and lower risk. When financing platforms use this technology, they can offer more personalized payment plans that fit a customer's specific budget. It also helps approve customers who might have a 'thin' credit file but actually have the income to afford a purchase. You can expect the next generation of lending apps to be faster and more accurate in how they qualify your customers. This technology reduces the friction in the application process. It also helps prevent 'over-leveraging' customers, which ensures long-term stability for your financing programs. As open banking becomes the standard, the tools you use to close sales will become more proactive in suggesting the right financing at the right time.

Source: Finextra — Lending

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