Intro to Assess

Account aggregation in affordability: speed, accuracy, profitability

For a long time, transactional data has been recognized as the most accurate way to understand the finances of a customer looking to purchase a financial product. For that reason, reviewing bank statements remains a key process in many parts of the lending world.

However, doing so is slow and expensive, as well as being a poor experience for the applicant. Credit Reference Data can provide a solution, but is often out-of-date and can present an inconsistent view of customer's - introducing unnecessary underwriting and regulatory risk.

Assess solves that problem by allowing customers to share seamlessly their financial information with lenders directly and securely from their bank and financial institutions and then to utilise Bud's market-leading transactional data intelligence and categorisation to identify insights and datapoints that facilitate fast and accurate affordability decisioning.

Below, you can find an introduction to how various parts of Assess, Bud's affordability solution, works. If you want to find out more, feel free to book in a demo of the solution.

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Want a demo?

If you'd like to organize a demo of the Assess product, please click here

Assess: Bud's suite of affordability tools

Assess is home to Bud's affordability APIs which are designed to power fast and accurate credit decisioning. We utilize Bud's market-leading enrichment to cut through the noise and present a clear and concise image of a customer's financial situation.

Assess is a product that builds on top of and aggregates Bud other products: Connect and Enrichment. These three products combine to provide you a one-stop shop to streamline and sharpen your affordability processes.

How does Assess work?

Getting data into Assess is simple, utilizing the ease of Open Banking and Bud's frictionless Connect flow. Once you initiate an application in Assess, the customer is emailed a link to complete their application. You can see more detail about how to create an application here.

Once they've done that, Bud ingests the customer's transactions and enriches them, to drive the affordability processes that you need.

If you have any questions, please contact us via the chatbot (bottom-right of screen 👉) or via a support request or check our FAQs.