Credit information provider CRIF has partnered with BMW Financial Services to provide Open Banking-based credit checks and lending services to automotive retailers. The collaboration has the goals of enhancing the lending experience for car buyers, offering instant decisions on their loan applications, and facilitating a smoother purchasing process.

Through CRIF’s advanced Open Banking services, hundreds of UK vehicle retailers associated with BMW Financial Services will be able to conduct ‘seamless’ credit checks for car finance. Enhancing credit decisioning with Open Banking Open Banking-powered credit checks provide a more comprehensive assessment of an applicant’s creditworthiness, enabling individuals who may have previously been denied loans to be accepted, without additional risk for the lender. By integrating CRIF’s technology, customers of BMW Financial Services will benefit from easier access to car finance, benefitting from faster decisions and financial products tailored to their needs and current financial circumstances.

Additionally, the partnership will allow retailers to approve more borrowers as they gain a holistic view of an applicant’s creditworthiness. UK’s automotive market recovery The partnership comes at a time when the automotive market in the UK is recovering – there was a 17.9% year-on-year increase in car sales in 2023, as supply challenges diminished. CRIF’s experience in the car finance sector, including its Indirect Lending Service in the US, has already helped numerous car dealers and lenders streamline loan approvals, making the process faster, more accurate, and virtually paperless.

Officials from CRIF reported that they’re seeing the UK car industry brush off the impacts of the pandemic and return to strong growth. Their partnership with BMW Financial Services in the UK will support this, helping more people to access finance 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.

Previous news from CRIF In February 2024, CRIF introduced ESG Analytics to aid UK financial institutions in sustainable goal achievement. This solution assesses suppliers, collaborators, and customer portfolios using 130 indicators, including waste production and inclusiveness. Accessible via VAT or registration numbers, it provides comprehensive ESG scores and granular insights without direct engagement.

In October 2023, CRIF launched a real-time pet insurance service in the UK, streamlining pet details validation for insurers. Pet Check instantly verifies pet information, including age, breed, and claims history, aiming to improve loss ratios, underwriting processes, and mitigate fraud. This solution addresses the industry's lag in adopting technology, enhancing risk assessment and customer experience with early detection of discrepancies.

It supports insurers with a hybrid approach, allowing for API integration and additional analysis through a mobile app. .