Bank Accounts

The Problem

The Challenge

Customers are regularly managing multiple financial obligations across numerous bank accounts simultaneously.
📉 Lenders lack visibility and tools to identify these situations, resulting in missed opportunities for better decision-making.

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Consumer Underwriting

Underwriting Journey

Key Events

1️⃣ First Interaction

• Customer applies digitally for their first payday loan with Quick Cash Fast Inc.

2️⃣ Bank Account Linked

• The customer links their primary account with Scotiabank successfully.

3️⃣ Data Match Obtained

• Application data matched via KlearLink, revealing:
  • 2 active payday loans.
  • 2 additional institutions linked within the last 60 days. ​

4️⃣ Action Taken

• Quick Cash leverages KlearLink data to prompt users to link two additional accounts.

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KlearLink Match Insights

KlearLink Match Insights

• 🔍 Active Loans: 2
• 🏦 Recent Institutions Linked: 2 in the past 60 days.

Resulting Prompt:
➡️ Users are encouraged to link additional accounts for improved decision-making.

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Solution

A Smarter Approach

💡 Quick Cash Fast Inc. utilizes KlearLink's match service to identify:

• Bank accounts used for other loans.
• Uncover key financial behaviors to enhance decision-making.

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The Outcome

Outcomes Achieved

✔️ Quick Cash Fast Inc. now benefits from:

1. Enhanced Data: More transactional data for making smarter decisions.
2. Improved Compliance: Better management of financial obligations.
3. Increased Customer Lifetime Value (CLTV): Improved insights to retain and grow customers.

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