Faster, more accurate loan approval
Start processing more loans. With accurate realtime creditworthiness data, you can accept more applications, reduce the risk of fraud and default, and grant more suitable loans. All at a fraction of the time and effort it took previously.
Trusted by leading financial providers
Successful credit decisioning looks like this Decreased loan approval time
Use Monthio to cut manual processes and experience speedier and more accurate credit decisioning. Now advisors can prioritise other areas of customer success.
Improved customer experience
Create a seamless and convenient loan applicant experience. At Monthio we put UX at the forefront of our solution, resulting in 91% application completion.
With increased explicit insights, you can better identify financial distress indicators, reducing the risk of defaults and enabling more informed lending decisions.
Grant more suitable loans
Increase loan approval for good applicants, protect those who may default. Instead of relying on guidelines and outdated public data, use accurate personal bank data.
Accurate credit decisioning
Access real-time financial data, cleaned and categorised giving you full insight into
transaction history, income and debt obligations. Regulation compliance
Effortlessly meet increasing lending regulations and stay ahead of the curve. Our solution helps lenders make the best credit decisions today and tomorrow.
The future of consumer lending
Unlock simplicity in credit decisioning
Monthio revolutionizes the loan approval process for credit cards, consumer loans, and BNPL services by combining deep expertise of the credit process with superior open banking solutions.
By harnessing real-time financial data, lenders can significantly increase the loan approval rate, making more accurate assessments and informed decisions.
Dedicated product advisor
Expertise in credit processes & technology
Seamless upgrades & extensions
A tailored integration process
Compare us to other providers
Gain insights into the tangible benefits of Monthio and witness how our creditworthiness solution gives you more than others’. Try out our benchmarking service today.
Quick and easy process with minimum handling
Detailed comparison report
Allows you to translate insights into key business metrics
Compliant and safe
Our data transfer service is governed by a data processing agreement
Better for borrowers
A seamless applicant experience
Monthio delivers the best possible loan application experience through a user-friendly interface, advanced automation, and personalized assistance. Borrowers can expect a smooth and efficient process that meets their unique needs, providing convenience, transparency, and overall satisfaction.
4 quick steps
A seamless digital experience
Intuitive User Experience (UX)
91% flow completion rate
No more manual uploads and entries
What we offer Income verification
Get instant verification of applicant income with the latest & most accurate data.
Enhance your credit decisioning and minimise risk with Monthio's real-time expense overview.
Risk & insights
Get automatic insights into potential risks. Fraud and default risks flagged.
We clean and categorise your data, so you don't need to.
Digitise your AML and KYC processes with Monthio's instant account verification.
Gain a precise understanding of your applicants’ discretionary income with our cash flow analysis feature.
Consumer loans FAQs
How does open banking work when it comes to loan approval?
Open banking for loan approval involves customers granting consent to share their financial data from various sources, such as bank accounts and credit cards. This allows lenders to access real-time information for a more accurate assessment of their creditworthiness.
What are the benefits of open banking when it comes to consumer loan approval?
The benefits of open banking for consumer loan approval include faster and more efficient loan processing, improved risk assessment from access to more comprehensive financial data, and the ability to offer more personalized loan products and terms based on a borrower's financial profile.
Will it be difficult for my credit team to work with open banking?
Open banking is designed to be easy and seamless for your credit team to start working with. With the support and guidance provided by Monthio, the implementation process is quick and streamlined, ensuring a smooth transition to your new and improved way of working. Your credit team will be able to leverage the benefits of open banking effectively and efficiently in their day-to-day operations.
Does open banking help the credit card approval process?
Open banking transforms the credit card approval process by providing access to real-time financial data, enabling lenders to make more informed credit decisions. By securely accessing an applicant's bank account information, open banking allows lenders to assess income, transaction history, and debt obligations, resulting in a more accurate evaluation of creditworthiness. This streamlined approach expedites the credit card approval process, reduces manual paperwork, and enhances the overall efficiency and accuracy of the process.
How do loan applicants benefit from using open banking?
Using open banking makes the loan application process seamless and easy for applicants, as it eliminates the need for manual documentation and allows for automatic verification of income and other financial information, resulting in a smoother and more efficient experience.
Are other consumer lenders using open banking?
Many consumer lenders are embracing open banking as a way to enhance their loan approval processes, increase operation efficiency and meet regulations. It has become a widespread practice within the lending industry, with numerous financial institutions adopting open banking technologies and APIs to access customer data securely.
Open banking is designed with robust security measures, incorporating advanced encryption and authentication protocols to safeguard sensitive financial information. Additionally, stringent regulatory frameworks and constant monitoring ensure a secure ecosystem, inspiring trust and confidence in the confidentiality and integrity of user data.
Does company size matter when using open banking?
Company size does matter to some extent when using open banking. Larger organizations may have more complex systems and processes to integrate open banking functionalities, but open banking solutions are scalable and adaptable to different company sizes, allowing both small and large lenders to leverage its benefits.
Who can I speak to at Monthio about open banking?
To speak about open banking at Monthio, you can reach out to our sales department who will be able to give you more information and guidance specific to your needs. We will also be able to share with you examples of how other lenders like yours have taken advantage of Monthio’s services.
Ready to get started?
Do you want to find out more about how Monthio can revolutionise your loan approval processes?
Get in touch