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Dec 2021 | Credit Decisions

Download the latest research and watch our webinars on the future of employment verification

With inflation at a 40-year high and 6.6 million people living on significantly less income now, than before the pandemic, confirming employment and income is more important than ever before to ensure responsible lending with no increased risk.

But gaining a true real-time view of affordability is hard and getting consumers to share this data is often a challenge and the manual review of payroll data is resource intensive.

With 1 in 2 UK adults saying they will apply for a financial or credit product within the next 2 years, organisations and lenders could see a strain on resource, increased underwriting costs and customer dropouts.

Topic 1: Employment Matters – Automating exchange of payroll data to improve financial inclusion

We engaged research consultancy YouGov to assess consumer willingness to share payroll data, as well as identifying the thinking behind their decision, and any areas of concern that could limit the adoption of this innovation.  With 9 out of 10 customers wanting to apply for credit online, our evidence shows there is a strong appetite amongst consumers to automatically share payroll data when the value exchange is clear.

Topic 2: The Power of the Payslip – Using employment data to grow your portfolio

As costs on fuel, utilities and household essentials rise, more consumers will feel the squeeze. It is likely that more people will turn to credit to help manage their finances. Indeed, The Bank of England has reported a 34% increase in gross consumer lending since January 2021.As a result, lenders need a more complete view of an individual’s financial wellbeing to ensure they make the best decisions for themselves and their customers, but accessing a current and accurate view of affordability is challenging. Download our report to find out how digitally accessing verified payroll data could be the answer, while helping your business grow, reducing dropouts and increasing acceptance rates.

Topic 3: How to stay ahead in the mortgage market by saying goodbye to payslips

The mortgage market has weathered two stormy pandemic years remarkably well – so far at least.  However, mortgages have been left behind during the great move to digitisation, leaving legacy processes with too much friction, too many pain points and lots of opportunity for fraud.  Consequently obtaining an accurate, up-to-date view on an applicant’s employment, income and overall affordability is essential but difficult.  Download the full report as we share our vision on the evolution of mortgage lending and how we can support you in digitising the lending experience for you and consumers.