Key findings

~70% clients verify their identity via open banking

Due to the ease and the speed that open banking offers during the onboarding process, more or less 70% of clients choose to verify their identity using open banking

~90% faster than uploading documents

Open banking is a popular choice for financial verification because it’s approximately 90% faster than the alternative of manually uploading documents

Companies are frequently looking for ways to speed up their onboarding process, but it can be difficult to find a method that works while still giving the company access to a good amount of financial information about a potential client. 

That’s how open banking is preferable to other methods of verification: it’s both quick and it offers a wider scope of financial information about a client and their bank account than many other methods available on the market.

International fintech CreamFinance learned the value of open banking when they chose to partner with Kontomatik to improve their onboarding process and client financial verification. 

Eye at reducing the time it takes to get a client to get their loan money

CreamFinance, which has been operating since 2012 provides loans with an eye at reducing the time it takes to get a client to get their loan money, tailoring those loans and making sure the process is convenient and easy for clients.

After 10 years in the market, CreamFinance has global reach. Its employees include over 350 people working in 15 countries and they have provided loan products to over 1 million customers at a total estimated cost of over 1 billion EUR. In addition to offering products in European markets including Poland, Spain, the Czech Republic and Latvia, CreamFinance also offers loans in Mexico. 

CreamFinance’s success is poised to continue. They’ve shown continuous growth over the past decade of operation, reaching record profitability last year of 3.4 million EUR. 

Open banking makes onboarding more customer focused 

CreamFinance wanted to improve their client verification process and found that the ability to confirm a client’s bank account within minutes using open banking tools allowed the company to know quickly where to send money if the decision was made to grant a loan. The result was a service that’s much faster than more time-intensive verification processes like document uploads. 

CreamFinance found that, for most services, the average time to complete the entire loan application process from start to finish containing uploading documents can even take  nearly 2 hours. For Kontomatik, which is paperless and a completely online process, it’s around 10 minutes. Since the open banking method is around 90% faster, the difference is significant. 

That is why customers are eagerly adapting to the open banking method of finance verification. In the choice between manual document uploading and using completely online services, approximately 70% of CreamFinance customers choose open banking. 

“When it comes to the Polish market, Kontomatik’s knowledge of Poland’s financial sector and banks, their quick and efficient services and deep knowledge of PSD2 regulations and rules made them an attractive option for partnership. Kontomatik enables us to carry out full, automatic and complex verification of the customer's creditworthiness in our online processes for the Lendon and ExtraPortfel brands. We obtain financial information necessary for the correct assessment of the customer's creditworthiness.”
Agnieska Trzcińska-Jantoń
Head of Risk at CreamFinance

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