How COOP Bank Strengthens Creditworthiness Assessments With Monthio
COOP Bank has a clear ambition: to combine simple digital solutions with personal financial guidance. As a fully digital bank with a strong human touch, they aim to give customers both flexibility and reassurance, especially when life presents major decisions such as buying a home, navigating divorce, or handling the financial side of a loss.
To support this responsibility, COOP Bank must ensure that every credit decision is well documented, compliant, and based on a solid understanding of each customer’s financial situation. That was the core reason behind choosing Monthio.
Meeting stricter requirements with a more efficient process
The Danish Financial Supervisory Authority has introduced strengthened guidelines for creditworthiness assessments. These require a higher level of documentation of the customer’s budget and expenses. Before adopting Monthio, this process involved manual steps that slowed down both the bank and the customer journey.
“Our primary reason for choosing Monthio was to ensure that we could meet the FSA requirements for creditworthiness assessments, especially the strengthened documentation demands,” says Niels Kildedal, Credit Director at COOP Bank.
Faster budgets and more insight with PSD2 data
Monthio now enables COOP Bank to obtain a confirmed budget from customers quickly, with automated documentation of expenses. In addition, PSD2 data adds another layer of insight, giving the bank extra signals that strengthen their overall assessment.
“Monthio allows us to get a confirmed budget and documentation fast. On top of that, we catch extra alerts from PSD2 data, which contribute to an even better creditworthiness assessment,” Niels explains.
Greater efficiency and better customer experience
The impact in daily operations has been significant. COOP Bank has become more efficient, and customers now receive much faster responses to their loan applications.
“We work more efficiently and can give customers quicker answers, which improves the overall customer experience.”
Monthio’s flexible setup also makes it easy for COOP Bank to configure different flows internally. These can vary by product type, level of assessment, or credit policy, and give the bank a high degree of operational control.
A solution the team does not want to work without
Monthio has become so embedded in the credit process that COOP Bank employees see it as an essential part of their workflow. It provides clarity, reduces manual work, and gives case handlers a consistent foundation for every assessment. This has changed expectations for what a modern credit process should look like.
“There would be a real outcry from employees if we removed Monthio and went back to manual collection of confirmed budgets and documentation,” says Niels.
The internal reaction illustrates how deeply the solution has become part of the bank’s operating model. What used to be a slow, manual task is now fast, structured, and fully integrated across teams.
Implementation with minimal effort
Credit Director, COOP Bank
Technically, implementing Monthio was simple. The main focus was on training employees to understand and interpret different budget scenarios. Monthio supported COOP Bank closely throughout this phase.
“Technically, it was almost plug and play. The main focus was training employees, and Monthio was very helpful when we needed support.”
A partnership built on innovation and adaptability
COOP Bank has worked with Monthio since 2021. Throughout the collaboration, Monthio has listened to their needs and adapted features to support the bank’s way of working. Niels highlights Monthio as an innovative and constructive partner who delivers both technology and service at a consistently high level.
Digital and human in balance
COOP Bank strives to be both one hundred percent digital and one hundred percent human. Digital tools give customers freedom and flexibility in everyday banking, while personal advice provides clarity and reassurance during life’s larger financial decisions.
Monthio supports this balance by creating efficient digital processes and strengthening responsible lending through transparent, data-driven insights.
Facts about COOP Bank
- 2013: COOP Bank was founded
- Industry: Consumer Finance
- Digital banking, rooted in the cooperative movement
- ~80,000 customers
