As the Consumer Data Right (CDR) market matures, many banks, lenders and credit providers are now looking to move their open banking strategy from just regulation and compliance to the creation of value for themselves and their customers. They are increasingly becoming aware of the substantial value add that Open Banking /CDR data can provide them today, and are looking for ways to leverage CDR from their customers perspective, centred on solving or improving genuine and valuable use cases.
But just collecting the raw data is not enough. To unlock the true value of the data, accurate data enrichment and analytics are required, coupled with meaningful and contextual insights, all delivered to solve specific day-to-day real-world use cases.
The combination of raw data and insights enable financial services to be delivered with more accuracy, faster speed, greater personalisation and less friction.
In the lending ecosystem, this coupling empowers lenders to significantly lower their cost of origination, reduce their time to decision and make more accurate customer assessments.
This is where MogoPlus can help you maximise value from CDR data!
MogoPlus specialises in Data Enrichment and Analytics via our ‘Insights-as-a-Service’ platform. We provide data insight solutions to businesses requiring straight through processing and instant decisioning outcomes. Our award-winning approach has helped launch Australia’s first CDR-powered Loan Serviceability Solution.
Making sense of unstructured data in the CDR ecosystem
Our industry first Open Banking lending solution has recently won the “Excellence in Industry Collaboration & Partnerships” award by FinTech Australia. The collaborative effort between MogoPlus, one of our ADR partners Adatree and our customer Central Murray Credit Union (CMCU), marks a significant milestone in revolutionising the lending experience for both financial institutions and their customers.
