Hong Kong-based online lender Credit Hero has selected open banking platform Salt Edge to access borrowers’ bank data and reduce the traditional paper chase.

The partnership with Salt Edge granted the bank access to real-time financial data to automatically verify the applicant’s identity, account number, income sources, and balance.

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Credit Hero founder and CEO Ronald Lam said: “We are not only looking to achieve more operational efficiency but also to deliver a more intelligent risk management and enhance the customer experience.”

The technology vendor said that Credit Hero applicants now don’t need to carry paper bank statements. The needed data will now be gathered from banks and digitally transferred directly into the lending platform.

Salt Edge head of Open Banking Gateway Vladimir Pintea said: “With modern world craving speed and digitalisation, Credit Hero embraced current market rules and delivers better experiences. Salt Edge shares their goal to reinvent the traditional financial services by means of technology for the benefit of society.”

Credit Hero leverages its artificial intelligence (AI) and data science capabilities to offer tech-savvy lending solutions to customers.

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Its risk management solution is enabled with optical and facial recognition technologies, and equipped with machine learning capabilities for automated underwriting.

Using Salt Edge’s tools, the online lender is expected to improve the bad debt rate by enhancing credit risk analysis.