In the past, once a loan had been assessed and granted, usually the customer was left alone until something major happened.
With Safe Loan there is a better way.
The Safe Loan Program can help you support your borrowers by offering them financial well-being checks throughout their loan journey. Consumers can track and self monitor their perceived financial well-being AND their key financial habits, boosting financial literacy.
Consumers can opt-in to share their financial well-being results and talk about them with their lender, particularly helpful for those in the financial distress zone.
Lenders using the data from Safe Loan via Verifier’s AI engine can enhance their ability to identify and address financial stress in their existing customer base.
At the industry level, Safe Loan supports the redesign of affordability assessment by providing the missing statistics on financial difficulty. These Safe Loan statistics provide an evidence base for better policy settings including fast track assessment for consumers not at risk of substantial hardship and better, lifestyle questions in application forms that identify at-risk consumers.
From early 2020 you can offer your borrowers the ability to opt in to ‘reality check’ their financial well-being results against their bank transactional data. Safe Loan is in the first intake of CDR Data Recipients. Talk to us for how we can give your customers the benefit of their data without you having to accelerate your CDR compliance build.
The Safe Loan Program is being continuously refined by a group of lenders, service partners, interested community and industry groups and academics who want to support better consumer outcomes, above and beyond the responsible lending obligations.
The Safe Loan Program participants believe that lenders need to:
Diagnose: Work harder at the industry level and lender level to understand the causes of hardship and uncover hidden hardship in their portfolios
Educate: Show consumers how they can manage loans responsibly
Help: Assist consumers to self-diagnose when they are having trouble and making sure that they know they can reach out for help if they need it and make that process easier.
Empower: Allow consumers to make smarter choices every day
Support: Encourage good borrowing habits with better fulfillment options.
To give you a sense of what we feel is missing – watch our concept of a Welcome Pack video (production version pending!). We believe responsible lending needs to be considered as a public health/safety issue. By way of example, you don’t get to take a commercial airline flight without watching the in-flight safety video, likewise – think Slip,Slop, Slap or in the case of fire safety: Plan. Act. Survive.
To find out more please contact the facilitator of the Safe Loan Alliance - Verifier - at email@example.com.