Smart, ethical, and sustainable lending decisions in real time.
Make informed choices faster with advanced consumer lending software from Finexos. We’re leveraging the vast, instantaneous and adaptable computing power of AI to help lenders enhance consumer assessments, reduce default rates, improve customer experiences and protect borrowers from falling into the Borrowers in Financial Difficulty (BiFD) category.
The term consumer lending covers credit provided to individuals to help cover personal, family or household expenses. It’s the kind of everyday credit that consumers use to make basic purchases or to fund larger items such as a car, education or home improvements.
Consumer lending is normally facilitated by organisations such as banks, credit unions, online lenders and specialist financial institutions, and includes things like personal loans, credit cards, car finance, student loans, overdrafts and buy now, pay later agreements.
These types of loans and credit agreements are a crucial part of our economy, enabling consumers to fund day-to-day expenses and make vital investments. Provided they are well managed and responsibly granted, consumer lending agreements can empower individuals. However, unscrupulous or poorly assessed agreements can cause consumers to fall into problematic debt.
To help avoid individuals becoming financially vulnerable, consumer lending is regulated by the Financial Conduct Authority (FCA), and lenders must conduct credit checks and properly assess a borrower’s ability to repay.
Consumer lending processes usually begin with an application from the borrower, where they provide details about themselves, how much they need to borrow and what for. The lender will then use this information, along with research such as credit checks, income verification and affordability assessments, to decide whether or not to grant the credit.
If the lender approves a product for a consumer, they will draw up and sign an agreement covering repayment schedules and terms, and detailing information such as interest rates and any other fees.
Today, many lenders use consumer and commercial lending software to help them make decisions easier and faster. Digital lending software, such as Finexos’ AI models, can make complex calculations quickly, accounting for regulatory requirements, aiding better-informed, more ethical choices for lenders.
Supercharge your business with our Active Affordability and financial capability metrics.
Accurately assess repayment capability with our AI-powered affordability analysis.
Get a granular snapshot of the quality of your loan book in real time with our Portfolio Analysis.
Detect early signs of financial distress and potential default in real time with our ongoing monitoring solution.
Our specially built affordability engine uses AI to help lenders make more informed decisions about their customers. As well as traditional metrics such as credit scores, our lending software and consumer duty dashboard account for other data, including a person’s repayment history, transaction data, behaviour and general affordability, to create a more comprehensive profile.
This information can be used to make ethical, compliant decisions that protect both lenders and borrowers.
Finexos’ intelligent software is designed to help banks, credit unions, fintechs and payment companies, enhancing their processes and ensuring legal compliance. It enables smarter consumer and commercial lending decisions, improving outcomes for borrowers and lenders alike and making credit more accessible. Learn more with a free demo. Book your appointment today.
Our analysis model provides a more accurate picture of affordability, ensuring SMEs can maintain their operations while repaying loans.
Transactional and real-time data can determine whether borrowers can maintain their quality of life while repaying loans.
Finexos has developed an end-to-end platform that enhances credit
decision-making across various financial lending sectors.
Up to
25%
Reduction in Default Rate
More inclusive lending, based on our financial capability metrics, unlocks entirely new markets whilst reducing overall risk exposure through the use of our advanced AI and behavioural analytics. Finexos enables lenders and credit decision engines to safely include more borrowers, even those with thin or no credit files and without the need for borrower PII or credit scores.
Finexos technology and sustainability-focused methodology provides a more robust assessment of a borrower’s ability to meet repayments, and to do so comfortably.
More accurate affordability assessments mean loans are granted more responsibly and sustainably.
When calculating affordability assessments, Finexos uses zero PII. By anonymising the process, the traits of a customer that have traditionally led to potential bias such as gender, race or postcode are eliminated.
Sustainability-focused affordability assessments are based on each applicant’s individual circumstances and behaviour to deliver more granular and accurate results.
Sustainable Affordability Assessments are embedded into existing decisioning workflows without disruption and do not require system overhauls.
Finexos was founded with the aim of improving financial inclusion and helping lenders better safeguard consumers and themselves by making more informed lending decisions.
We are a diverse team of finance innovators, AI specialists and scientists, helping to continuously train and enhance our AI consumer lending software. We believe that it’s possible to improve the world of credit for lenders and borrowers simultaneously.
Our cutting-edge solutions have won us a slew of awards and nominations, including Innovative Finance’s Fairer Finance Hackathon and the Most Innovative Credit Repair Solution Provider UK, from Wealth and Finance International.
Please reach out to our experienced team for specific questions on any of our solutions or use cases.
I’m interested in consumer lending software. How can I contact you?
To learn more about our UK loan management system, just contact our team via our contact page or by emailing enquire@finexos.io. We’d also love to hear from you if you’re interested in an enterprise partnership or reselling Finexos products.
How does Finexos’ approach differ from our competitors?
Many of our competitors rely on traditional, rigid methods of credit assessment. At Finexos, we understand that financial health isn’t rigid. We use the game-changing power of AI to make comprehensive, fluid assessments of people’s ability to repay credit, helping lenders reduce default rates and protecting borrowers from entering into problem debt.
What is the difference between affordability and capability?
Affordability is a measure of the ability of a borrower to meet the repayment terms of a credit product based on their cash position on an ongoing basis. Creditworthiness is a more narrow view of the suitability of the product at a single point in time, taking into account isolated factors that affect repayment ability
Does Finexos provide consumer financial transaction data?
No. Finexos is a data intelligence provider that analyses transaction data provided by our customers. Finexos is able to integrate with all Open Banking providers and take data in heterogeneous formats. We do not provide data, only analyse it.
Does Finexos share personal borrower related data?
Finexos does not hold or store any Personally Identifiable Information (PII) data belonging to loan applicants. We have completely anonymised the process to negate the effects of unwanted bias.
Has Finexos won any awards?
Yes, we have won Innovate Finance’s Fairer Finance Hackathon, were a finalist in Open Finance’s Global Appathon, and were voted Most Innovative Credit Repair Solution Provider UK by Wealth and Finance International.
What is the difference between commercial lending and consumer lending?
Commercial lending is credit provided to businesses and commercial interests, whereas consumer lending is products such as personal loans and credit cards designed for individuals.
What are the 5 Cs of commercial lending?
The five Cs of commercial lending are: