The collaboration will help drive instant decisions on financing applications, making the purchasing experience smoother and more streamlined. CRIF will provide BMW Financial Services and its affiliates with advanced open banking services in the UK. Open banking-based credit checks provide a more comprehensive picture of an applicant’s true creditworthiness, meaning individuals who may have been rejected previously will be accepted for a loan without any additional risk. In turn, customers will be able to access car financing more easily, benefiting from faster decisions, with personalized financial products suitable for their current financial situation. CRIF believes this will also help retailers approve a greater number of financings, thanks to a holistic and enhanced view of the applicant’s creditworthiness. Sara Costantini, Regional Director for the UK and Ireland at CRIF, stated: “The automotive industry in the UK is recovering from the impacts of the pandemic and returning to significant growth. Our partnership with BMW Financial Services in the UK will support this trend, helping more people access the financing they need when purchasing a new vehicle. By leveraging open banking transaction data, BMW Financial Services gains access to more precise consumer insights and extends its services to those with limited credit history, such as those living abroad, or those with non-traditional income patterns, such as workers in the growing gig economy.”
