Tink has teamed up with Multitude Bank to offer simple and secure digital financial solutions to their customers across Europe. The partnership is helping thousands of people in Sweden, Finland and Estonia to instantly verify their financial data – while Multitude Bank gains a deeper understanding of its customers.
Security, simplicity and transparency are Multitude Bank’s guiding principles. Multitude Bank p.lc. – a subsidiary of Multitude SE – was established in 2005 and is headquartered in Helsinki, Finland. Operating in 19 countries worldwide, Multitude Bank offers different financial services to consumers and businesses through a variety of brands. Their goal is to accompany their customers along every step of their financial journey.
A holistic view of personal financial data
Getting a comprehensive view of someone’s financial situation is tricky, as it requires a wealth of precise and up-to-date information. But applicants have limited patience and usually don’t wish to respond to numerous credit-related questions or provide stacks of documentation as proof.
To accurately assess applicant’s creditworthiness without compromising the customer experience, it was crucial for Multitude Bank to modernise their loan origination process using digital tools. And that’s when they crossed paths with Tink.
Traditional loan origination often includes cumbersome processes with lots of friction, which goes against Multitude Bank’s three guiding principles of security, simplicity and transparency. But with the help of open banking powered risk assessments with quality account aggregation, lenders can now gather their customers’ real-time financial data in seconds using a single API. This not only streamlines the process, but also helps to ensure accuracy and provide a more efficient customer experience.
Paving the way for responsible and inclusive lending
Responsible lending practices are essential for borrowers and lenders, especially during these times of economic uncertainty. Multitude Bank is committed to supporting financial health and inclusion, making accurately assessing applicants’ creditworthiness more important than ever. ‘Our aim is to make banking accessible for everyone’, says CEO Antti Kumpulainen.
With open banking, Multitude Bank’s customers can now enjoy a faster loan application and onboarding process while the bank gets a deeper understanding of the applicants’ financial situation. Now, the process is more personalised and convenient compared to more traditional loan origination alternatives. What’s more, the risk of fraudulent loan applications made using the applicant’s personal information has been significantly reduced. In short, Multitude Bank has all it needs to uphold its promise of delivering secure, simple and transparent financial solutions.
Open banking is paving the way for more accurate, inclusive and responsible financial solutions that benefit both businesses and consumers.