CreditorWatch partners with CreditSense to expand end-to-end commercial credit risk management offering
CreditorWatch helps business lenders provide faster loan approvals by completing loan affordability assessment in just minutes, instead of hours
CreditorWatch, a leading commercial credit reporting bureau, today announced its partnership with bank transaction data analytics and affordability insights provider, CreditSense to help business lenders determine whether a borrower can afford to repay a loan within minutes.
Lenders are under pressure to provide loan approvals quickly in order to onboard good customers and grow their business. Meanwhile, they remain obligated to conduct numerous due diligence checks such as loan affordability assessments that can take hours (or even days) to complete manually.
“By partnering with Credit Sense, we expand our end-to-end credit risk management capabilities to help our lending customers conduct necessary due diligence tasks quickly, in a cost-efficient and user friendly way” said Patrick Coghlan, Chief Executive Officer at CreditorWatch. “We know our lending customers are under pressure to meet customer expectations or they risk losing out to competitors who have a smoother application experience and the ability approve their application faster.”
Being a market leader in bank transaction data analytics and expert in business banking transactions, CreditSense automates income and expense analysis while providing a highly secure, convenient way of obtaining necessary customer data through a consent process.
“We help lenders quickly assess a customer’s ability to afford a loan in just minutes instead of hours, thereby reducing application abandonment rates and improving customer satisfaction. We achieve this by removing friction from the income and expense verification process” said Lucas Daoud, Credit Sense Head of Business Infrastructure.
About CreditorWatch
CreditorWatch is a leading commercial credit reporting bureau, headquartered in Sydney, Australia. From sole traders through to ASX listed companies, we help Australian businesses avoid high-risk debtors and ensure they get paid on time. CreditorWatch customers can easily search for and monitor the credit history, court actions, payment defaults and insolvency notices associated with any business entity in Australia and New Zealand (including sole traders, trusts and partnerships) giving them an incredibly accurate picture of the risk posed to their business. The company was founded in 2011 and has offices in Sydney, Melbourne and Brisbane. Find out more at www.creditorwatch.com.au
About CreditSense
Credit Sense is a world leader in bank account aggregation and financial transaction analysis. They offer a range of solutions to common digital onboarding and customer assessment problems in a secure, seamless way. Credit Sense enable consumers and businesses to connect and share information safely and easily so that businesses can access reliable and accurate customer financial insights while providing consumers with
