Alternative lender TB Bank has increased its lending efficiency by 30% with Nordigen account data analytics engine.
Nordic internet-based bank TF Bank sought to improve the customer experience of their consumer banking services in Latvia. The company aimed to achieve this by making the loan applicant screening process much faster, while keeping the same level of accuracy.
The bank's main challenge was efficient insight generation from raw account data, further using it for faster applicant creditworthiness evaluation and ultimately better credit decisions. TF Bank sought a solution that would be quick to implement and easy to use, allowing them a short time-to-market.
"We know how complex and expensive it is to build and maintain a categorisation engine internally so we use Nordigen to help us extract value from account data and apply the insights it provides in our applicant screening processes," says TF Bank Country Manager for Latvia Juris Pūce.
By implementing Nordigen's categorisation engine, TF Bank was able to significantly decrease loan assessment time and increase lending efficiency by 30%. Pūce adds that "account data is increasingly becoming our most comprehensive data source, allowing us to increase the amount of issued loans, especially in cases when data obtained from government registries and credit bureaus proves to be insufficient."
TF Bank is an internet-based niche bank offering consumer banking services through its proprietary IT platform with a high degree of automation. Starting out as a consumer loan and sales finance mail order business in Sweden in 1987, TF Bank currently carries out deposit and lending activities with consumers in Sweden, Finland, Norway, Denmark, Poland, Germany, Estonia, Lithuania and Latvia through subsidiaries, branches or cross-border banking.