Auto Loans

Getting an auto loan used to be a cumbersome process. A borrower would typically need to provide all of the credit details to a service that would then pull a credit score and verify income to gain a picture of the client's creditworthiness. Now, using the open banking framework, auto loan providers can directly access a client's banking information just through them agreeing to share the data. With no extra work involved, the lender can decide based on AI algorithms on the applicant's creditworthiness.

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