Customer onboarding specialist integrates open banking data to give a true picture of affordability and improve customer risk assessments
London 13 January 2022 – HooYu, the customer onboarding and KYC specialist, has integrated open banking into its KYC and customer onboarding platform to provide greater customer identity and affordability insight.
The new service, Bank Connect, extends the HooYu journey so that a user can prove identity or affordability by logging into their bank account during a KYC process. HooYu clients can now easily orchestrate open banking alongside a wide range of KYC services such as liveness detection, facial biometrics, database checks, ID document validation and many more.
During the Bank Connect journey, the user simply logs into their bank account and consents to sharing identity and expenditure data so that HooYu can provide key affordability metrics such as income, outgoings and the user’s spend level on other gambling services. Insights from open banking data enable gaming operators to easily understand affordability risk at any point in the customer lifecycle and to graduate from Know Your Customer into deeper Understand Your Customer processes.
Bank Connect will provide identity data, account overview data, transaction information, and card information. All the data is automatically analysed and scored before being presented as part of a HooYu report. In line with HooYu data protection and data minimisation rules, HooYu deletes the Bank Connect data after the client has reviewed the results. Clients can choose to take the raw data or HooYu can provide an affordability report classifying gambling spend and evaluating account cash flow.
David Pope, HooYu Marketing Director, commented “HooYu is always adding new features to help gambling operators to use the latest technology and data to meet responsibility compliance requirements such as age verification or affordability. By giving our gambling clients the capacity to use open banking data to analyse affordability, they can better look after their users to build a safer gambling industry”.
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