Berlin/Munich, 02. August 2024
Qwist, a leading technology provider in the field of open finance, is putting an end to traditional risk assessment methods which often lag behind the current financial behaviour of end customers and rely on limited data points resulting in reduced accuracy and effectiveness of credit and risk decisions. With Risk Insights, the company introduces a comprehensive, scalable solution that utilises wide-ranging, real-time financial data to provide dynamic, accurate risk assessments for informed decision-making across all industries.
We live in an “everything-as-immediately-as-possible” society: nowadays, consumers understand an optimal customer experience to mean that a loan is approved immediately, even digitally, that an order is confirmed straight away or that access to a service takes place in real time.
Against this backdrop, companies that rely on traditional, but time-consuming and error-prone methods to assess financial risk either risk losing the end customer or have to accept a higher business risk.
“Insight into an end customer’s financial situation and the associated risks provides valuable information for data-based decision-making in real time: What is the spending behaviour and is the regular income high enough? Does this individual have a gambling problem or high debts? Credit bureaus, a common source of information, are usually unable to provide such information,” says Matthew Colebourne, CEO of Qwist, summarising the core idea behind the development of Risk Insights.
With Qwist’s Risk Insights product, companies can significantly improve an end customer’s credit scoring with up-to-date information on the applicant’s financial stability, risk behaviour and spending habits. This information is derived from analysing the customer’s or prospect’s real-time transaction data.
Qwist’s solution provides an instant affordability check based on gambling, credit, overdraft and debt collection data, as well as a liquidity forecast and credit default risk. This provides companies with data that goes far beyond the information offered by credit agencies. Customers also enjoy the flexibility to select the most relevant risk indicators for their specific use case. Furthermore, the risk report can – subject to the consent of the end customer – be created either once or on an ongoing basis, depending on requirements and use case, which also offers the customer maximum flexibility.
End customers also benefit from Risk Insights from Qwist, as application processes are seamless, fast and, above all, completely digital and the decision can be made in real time.
Risk Insights can be implemented into existing systems via plug & play and is always up to date in terms of security and regulatory requirements. The new service will be available immediately in Germany, Austria, Spain and Portugal with more markets to follow.
About Qwist Group
The Qwist Group was founded in November 2023 by merging two of Germany’s leading FinTechs, Qwist GmbH and ndgit GmbH. This unification under Crastorehill Investments Sp. z o.o.—an initiative by Finch Capital, a distinguished growth investor in Europe—marked the birth of a new leader in open banking. As Qwist Group, the company commits to pioneering the integration, analysis, and leveraging of financial data, facilitating seamless connections between third-party entities and bank account information. It aims to be at the forefront of Open Finance’s future.
The company’s mission is underpinned by offering a comprehensive suite of banking, payment, and credit solutions. It serves a diverse client base of over 100 entities across the DACH region, Spain, and Portugal, including leading banks, insurance companies, and automotive platforms. With its headquarters in Berlin and a team of about 120 professionals, Qwist Group operates branches in Munich, Madrid, and Switzerland.
For further information, please visit: https://qwist.com/en/
Press Contact
Carina Glöckner
SVP Marketing
carina.gloeckner@ndgit.com
+49 89 99 82 413 11
