Nordigen income verification engine helped IPF Digital increase loan applicant approval rate by 15% for their consumer loan product in Latvia. IPF Digital have been using Nordigen's engine to automate the analysis of bank statements and raw account data, retrieved by aggregators since early 2016.
Since its formation, IPF Digital has continuously focused on maximising growth, expanding its market share and delivering further returns to shareholders. One major aspect that challenged their capacity to expand was the lack of reliable tools for automated income verification. As IPF Digital adopted account aggregation technology to gain access to account data, it needed a solution that could automate the analysis of the raw account data collected with a focus on income verification.
IPF Digital turned to Nordigen as their choice of income verification engine to help them analyse the raw account data they had retrieved from account aggregators and identify customer income with higher accuracy.
After the adoption of Nordigen's engine, IPF Digital has seen an increase in their approval rate by 15%. This was possible due to an improvement in income verification accuracy.
"Nordigen helps us evaluate our client’s actual situation so that we can make even more responsible decisions," commented IPF Digital Latvia Country Manager Artis Mēness.
Reflecting on the partnership, Nordigen CEO Rolands Mesters adds that: "We're happy to see that our efforts have resulted in such a high uplift for IPF Digital. IPF Digital is a truly global provider of consumer financing services with high standards in data science. We're happy to see them being among the drivers of the Open Banking revolution."
IPF Digital combines extensive International Personal Finance PLC (IPF) knowledge of consumer finance with opportunities provided by digital transformations to challenge the financial sector and provide fast and convenient financial solutions. IPF Digital is one of the leading providers of digital financial solutions in its markets and currently operating in Finland, Estonia, Latvia, Lithuania, Poland, Spain, Mexico and Australia.