"It has been fun times working with Nordigen. With their help and expertise of transaction categorisation we can definitely improve our scoring models. Our cooperation with Nordigen helps us give out even faster and fairer credit decisions than ever before," says Fixura´s CEO Petter Lingonblad.
Finnish peer-to-peer lender Fixura is using Nordigen's account data analytics engine to automate its loan applicant income verification process and improve its loan portfolio. Fixura is aiming to use Nordigen to automate up to 80% of their decision making processes by the end of 2019.
Income verification is currently one of the biggest challenges for lenders in Finland. Fixura is amongst Finland's most innovative lenders implementing Open Banking infrastructure, which grants immediate and secure access to customer account information. Nordigen's income verification solution helps Fixura understand the true creditworthiness of their loan applicants, including active liabilities and 'red flags' of potential 'high-risk' applicants.
Advocating for a more stable and secure economy, Fixura's digital platform connects individual lenders with potential investors. As the infrastructure provider, Fixura is set to automate up to 80% of their lending decision making processes by the end of 2019. For this purpose, Fixura is using Nordigen's account data-based transaction categorisation API, enabling the lender to verify applicant income with increased speed and accuracy.
“We're thrilled to be providing the oldest Nordic peer-to-peer lending platform with an advanced analytics solution for a faster, more accurate income verification process. Strategic innovation and Open Banking adoption will enable them to approve more creditworthy loan applicants and provide a more responsible lending infrastructure for their clients in Finland and abroad.” comments Nordigen's Global Sales Executive Oskars Baltais.
Fixura is a Finnish Peer-to-Peer lending company. Launched in Vaasa, Finland in 2010, Fixura is the oldest peer-to-peer lending platform in the Nordics. As of 2018, Fixura has mediated loans amounting to more than 103 million euros with an average annual rate of return of 8.3% after fees and credit losses from 2010 to 2017. The platform has more than 80,000 registered users and is steadily growing.
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In recent years, tech giants like Apple, Google and Amazon have started planting flags in the financial sector, intruding on traditional financial institutions. Facebook is finally joining the race with Libra, its digital currency described as a “simple global currency and infrastructure that empower billions of people.”
As a society, we are gradually moving away from paper cash, increasingly gravitating towards alternative digital payment methods - contactless-cards, cryptocurrency, mobile and wearable technology. Regulatory driven initiatives like EU's PSD2 and UK's Open Banking are propelling financial innovation and enabling the emergence of new products and services.