UK-based company DirectID has partnered with Zinia AI to offer hyper-personalisation and to assist with regulatory compliance in the lending industry. Following this partnership, DirectID will provide its Open Banking solutions in order to offer lenders direct access to real-time financial data and information.

At the same time, merchants and customers will be given the possibility to leverage Zinia AI’s advanced decisioning algorithms to automate, streamline, and embed hyper-personalised processes within the lending procedure. This aims to create efficient customer outcomes that retain clients. Traders will also be able to understand users’ financial behaviors in order to meet their preferences, and capabilities, as well as needs and demands.

Zinia AI’s technology enables clients to make accurate, consistent, and fair lending decisions while taking into consideration a multitude of factors, such as risk tolerance, affordability, and suitability. DirectID’s recent partnerships and product launches UK-based Open Banking solutions provider DirectID had multiple collaborations and product launches in the last couple of months, covering several geographic areas across the globe. In May 2023, DirectID announced its partnership with SmoothPlay in order to transfer irregular income into a stable paycheck for workers of gigs.

Throughout this deal, SmoothPay was set to use DirectID’s Open Banking platform to offer enterprises the possibility to provide a stable monthly income to contractors, freelancers, as well as small business owners. By leveraging Open Banking to understand real-time and historical income, SmoothPlay was able to give a level of certainty to gig economy earners, which ensured that they had access to a consistent source of income. Earlier in April 2023, DirectID partnered with Faciit, an alternative lending platform, to promote financial inclusion by offering access credit to new-to-UK customers.

The companies had the possibility to help clients save one-third of their credit loan requirements for at least three months by using Faciit’s save-to-borrow service. Faciit was set to provide the remaining two-thirds as competitive loans. DirectID received a EUR 9 million investment from Ingka Investments in February 2023 and aimed to use the funds to improve its credit scoring solutions.

DirectID’s global credit risk score offered clients advanced data that could be used to optimise credit and risk decisioning. Risk managers were given the capability to leverage this real-time data for improved decision-making processes, as well as enhanced efficiency and value of the entire credit life cycle. The firm focused on using the funds as well as its Open Banking data to design advanced predictive models for credit and risks.

The current credit risk product was also able to be expanded into new markets, while the development of models for each stage of the overall credit life cycle was set to be improved. .