Visa has teamed up with Tarabut to provide a range of services to banks in Saudi Arabia and Bahrain.
Visa and Tarabut are working together to fill in some of the gaps in the market right now. For example, it’s hard to get a full picture of a customer’s financial status when their income, savings, and transaction data are spread out among many institutions. Open Banking technology is making things better by letting people safely access their financial data. Banks may use this information to get a full and accurate picture of a customer’s creditworthiness by looking at their real-time income, assets, and transaction activity.
Making it easier for people in KSA and Bahrain to get credit
The two businesses want to close the data gap that stops consumer credit from growing by using Tarabut’s connections between Saudi and Bahraini banks and Visa’s worldwide knowledge of credit development. Also, combining Tarabut’s data insights products, which let banks see a customer’s financial information across many institutions, with Visa’s data solutions and consulting services would help banks make better credit choices.
Visa and Tarabut’s packaged solution are going to provide us:
- Tarabut’s Open Banking system, which is based on regulatory-licensed infrastructure and API connection throughout the Saudi financial sector, gives people with and without jobs access to entire income identification and verification.
- Visa’s data analytics help with better client segmentation and risk modelling.
- Strategic advice assistance to help banks improve their credit issuance and underwriting methods, improve their policies, and grow their portfolios in a way that is good for the long term.
Visa and Tarabut also want to give banks the tools they need to better assess creditworthiness with this new bundle. This will let them lend to more customers, lower the risk of default by making underwriting more informed and speed up the onboarding and approval process with real-time financial insights.
The two organisations want to help banks reach out to groups who have been ignored or neglected in the past, notably young customers who are comfortable with technology and have thin credit files. Visa and Tarabut aim to release more service bundles over the next several months. These bundles are meant to help banks speed up their digital transformation and better serve their clients.