Credit information provider CRIF has partnered with BMW Financial Services (GB) to integrate open banking services, facilitating quick lending decisions for UK car buyers.  

This collaboration aims to streamline the car finance process across numerous vehicle retailers in the UK. 

Open banking, a system that provides third-party access to financial data using application programming interfaces (APIs), is expected to enable BMW Financial Services to offer a more comprehensive assessment of a customer’s creditworthiness.  

This could lead to increased loan approvals, including for those who may have previously faced rejection, without increasing risk for the lender, CRIF noted.  

CRIF’s technology is expected to simplify access to car finance for BMW Financial Services customers, offering them faster and more personalised financial products suited to their financial situation.  

Retailers are anticipated to also gain from the agreement since it will enable them to approve more borrowers because of their enhanced knowledge of each applicant’s credit history. 

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The agreement is expected to improve the UK car-buying experience by leveraging CRIF’s position in the auto finance market, particularly its presence in the US through the Indirect Lending Service. 

CRIF claimed that its services have led to a 7.5% rise in consumer lending and an 11.9% reduction in consumer risk worldwide. 

CRIF regional director for UK & Ireland Sara Costantini said: “We are seeing the UK car industry brush off the impacts of the pandemic and return to strong growth. Our partnership with BMW Financial Services in the UK will support this, helping more people to access the finance they need when buying a new motor. 

“By utilising open banking transaction data, BMW Financial Services accesses more accurate consumer insights and extends its services to those who may have a thin credit file, due to living abroad for example, or those with non-traditional income patterns, such as those working in the growing gig economy. 

“Ultimately, this will help UK consumers to access the finance they need without extra risk, with the potential to increase sales for hundreds of BMW dealers and associated brands across the country.” 

Earlier this month, the Society of Motor Manufacturers and Traders highlighted the UK car market’s robust performance, marking its strongest February in 20 years.