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Reporting

Report Consumer Affordability

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The Report Consumer Affordability feature is a powerful tool designed to provide lenders with comprehensive insights into the financial health and affordability of their customers. Leveraging a combination of data from various sources including Consumer Data Rights (CDR), Web connectors, and Statement uploads, this feature enables lenders to make informed lending decisions while ensuring regulatory compliance and enhancing the overall customer experience.

Key Features:

Access to Data Sources:

  • Future-proof your solution by accessing data from Consumer Data Rights (CDR), Web connectors, and Statement uploads.
  • Seamlessly transition from screen scraping to Open Banking as banks adopt newer data access methods.

Extensive Data Library:

  • Access thousands of data points, over 60 groups, 50+ metrics, and more than 500 merchant categories for comprehensive reporting.

Comprehensive Transaction Data Access:

  • Gain access to over 12 months of transaction data from multiple financial institutions, offering a detailed view of a customer’s financial health.

Advanced Data Categorisation:

  • Enriched transaction details including merchant, location, and category, with expenses categorised into more than 500 categories based on ANZSIC classifications for detailed spend behavior analysis.

Customisable Reporting:

  • Generate custom reports tailored to meet unique decisioning criteria using a growing library of data points and metrics.

Enhanced Decisioning Tools:

  • Utilise an expanding set of groups and metrics to refine decision-making processes.

Consolidated Multi-Account Reporting:

  • Enable consolidated reporting across multiple bank accounts with integrated consent UI, allowing for individual or combined reports for multiple applicants.

Predefined Risk Flags:

Benefit from an extensive library of risk flags designed for comprehensive decisioning, aiding in identifying gaps in financial information for thorough and accurate assessments.

Powerful Enrichment Overlay Services:

Utilise machine learning for transaction cleansing and categorisation, enhancing data quality for deeper insights.

Export Options:

Export reports in PDF or CSV formats for record-keeping and detailed transaction analysis.

Bank Statement Export Capability:

Easily export bank statements to support lending decisions.

Resources:

Video: Generating a Consumer Affordability Insights Report:

This video demonstrates how to generate a Consumer Affordability Insights report via the dashboard, providing a preview of the final PDF report.

Video: How Basiq's Reporting API Works:

An animated video showcasing how the reporting API cleans, normalizes, and enriches large datasets when integrated with customer applications.

Reports: Implementation Guide:

Detailed guide covering all steps required for successful implementation of the Basiq Affordability solution, including project steps and customer considerations.

You can also follow up our API reference here.

Reports: Groups & Metrics:

Customer-facing document displaying groups and metrics with definitions for the insights reporting solution.

Conclusion:

The Report Consumer Affordability feature within Basiq Insights empowers lenders with robust tools and resources to assess consumer affordability accurately and efficiently. By leveraging a combination of advanced data analytics, comprehensive reporting, and user-friendly interfaces, Basiq Insights revolutionises lending practices, setting new standards for data-driven decision-making in the financial industry.

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Updated about 1 month ago