The problem
Lenders relying on outdated credit scoring systems and archaic affordability assessments risk leaving millions of people without access to the right financial products, without acknowledging an individual’s financial behaviour. Thin-file customers often have to turn to a solution that costs them significantly more in fees during the process, forcing them into more financial uncertainty and debt.
The solution: Yapily Data
By partnering with Yapily, Salad Money can now access real-time financial data. Salad Money can retrieve and analyse up to two years’ worth of transactional data to provide NHS and public sector workers with an automatic review of their benefit and credit entitlement.
By accessing an individual’s actual financial status, rather than incomplete credit scoring data - Salad Money can better serve a larger proportion of consumers. Consumers can also better understand their entitlements and improve their financial well-being for good.
“By utilising Yapily’s open banking infrastructure, we’ve been able to gain access to accurate, real-time account data which has been instrumental in improving the financial wellbeing of NHS and public sector workers, identifying a potential £979,000 in unclaimed benefits so far.” - Tim Rooney, CEO, Salad Money
The impact
- The ability to identify a potential £979,000 in unclaimed benefits so far
- Provided benefit insight to over 26,000 applicants, informing them of the benefits they may be eligible for
- Over £20 million lent to over 19,000 individuals to help better manage their debt
