Understanding a consumer’s financial health has never been more important. With a turbulent economy, pressure on personal finances a consumer’s circumstances can change quickly, which makes measuring their affordability complex. Having access to the right data, at the right time - allied with the tools to monitor changes in a consumer’s affordability throughout an agreement is both a commercial need and regulatory imperative.
Affordability IQ provides quick and easy access to a more granular, personalised view of a consumer’s income, expenditure, and credit worthiness throughout their time with you so you can be sure you are making the best possible decisions throughout the lifecycle to support better consumer outcomes, while reducing credit risk and helping you to meet regulations.
Without access to the right data, organisations risk making the wrong decisions leaving vulnerable consumers without the support they need.
Affordability IQ is a suite of personalised bureau insights that help you measure a consumer’s affordability with an in-depth view of a consumer’s financial wellbeing. With a more granular, individual level view of a consumer’s income, existing debt level and their expenditure not only at onboarding but throughout the term of the agreement you can monitor their ongoing affordability and capacity to afford credit, and act quickly and responsibly should their financial situation change.
Identify income shock, such as a redundancy or significant drop in income, track current account changes, and support consumers before they become vulnerable.
Personalise your affordability assessments, make the right decisions at the right time and drive better outcomes for everyone.Download our Affordability IQ brochure
Access a view of a consumer’s income, expenditure, and financial wellbeing to make the best possible affordability decisions
Save time and resource by verifying incomes automatically and reducing the volume of manual reviews
Increase your acceptance rate without increasing risk. Accept more of the right consumers and reduce the risk of delinquency and poor outcomes
Proactively monitor and manage a consumer’s affordability, react quickly to changes in financial circumstances and support those who need it
Offer a personalised and frictionless consumer experience. Consumers are treated fairly with better access to affordable credit
Measure affordability at an individual level not only today, but throughout the lifecycle
Understand a consumer’s continued capacity to meet payments and support better consumer outcomes
Support evidencing Consumer Duty obligations by understanding consumer\'s wider financial situation
In our latest research, directly with UK consumers, small businesses and lenders, we explore how the past few challenging years have impacted perceptions of financial stability and affordability, how consumers are changing spending patterns to accommodate increasing costs, how small businesses are looking to return to profit, and how lenders are adapting to Consumer Duty requirements.