The ClearScore Group’s Open Banking business unit D•One has partnered with Inicio AI, a specialist income and expenditure (I&E) trained virtual agent.
In a post on LinkedIn, Inicio AI said it had been working with D•One to deliver a standard financial statement-based I&E form with “a softer entry” into Open Banking and a virtual agent “that fills the gaps and challenges consumers when the data looks odd”.
According to Inicio AI, by working with D•One it can offer more accurate and user-friendly affordability assessments.
Tim Kelleway, director at D•One
Tim Kelleway, managing director at D•One called understanding a consumer’s finances to determine what they can and can’t afford “a notoriously challenging task”.
“Broad-brush approximations are a ‘quick and dirty’ way of doing it, but they are not an effective solution – either putting consumers at risk of borrowing more than they can afford, or unnecessarily restricting them from accessing the credit they need,” he said.
“Combining D•One’s tailored Open Banking data with Inicio.AI’s slick virtual agent helps deliver a rapid and personalised view of a consumer’s finances – driving a real step change in 1) the quality of user experience when undergoing an affordability assessment, and 2) the accuracy and auditability of those assessments.”
Kelleway added: “We are super-excited to partner with Inicio.AI to help change the way this world works for the good of lenders and consumers alike.”
Rachel Curtis, co-founder and chief executive officer of Inicio AI, said: “We’re really excited that this partnership will enable us to provide our clients with flexible and tailored ways of easily gathering important financial information, so that they can effectively support their onward consumers.”
Further reading: Abound expands access to affordable loans with ClearScore Group’s D•One
