A marketplace for personal loans and investments, mozzeno helps people find the best fit for their borrowing and investment needs. They offer loans as well as investments, where the loans are indirectly financed by peers and companies in a collaborative lending platform. True to their motto, ‘borrowing and investing together, without detours’, mozzeno’s solution is the perfect example of a sharing economy.

Going from manual to digital

But creating a lending and borrowing community is complicated. To onboard a prospective customer, mozzeno needs to perform income and expense checks, which usually requires payslips and bank statements. These are easy to fake, and most customers don't want to manually upload tons of documents when filling out an application – it's hardly the smoothest customer journey.

Another important part of the approval process is checking the account owners the funds are transferred to. This means checking that the applicant and the account owner are the same person – in other words, making sure it isn't fraud.

These were a few of the challenges that Frederic Dujeux, co-founder of mozzeno, started searching for solutions to. And that’s when mozzeno crossed paths with Tink.

A better onboarding experience with open banking

Open banking has significantly transformed how we do business – from administrative processes to customer experiences. Now it only takes minutes to identify how much someone earns and what they spend their money on.

This used to be done through long and tedious manual processes. But together with Tink, mozzeno can now rise above traditional paperwork and offer applicants a seamless onboarding journey. Instead of having to upload lots of different documents, applicants can let mozzeno verify their income and expenses through simpler means, such as biometrics (fingerprints, Face-ID, or similar).

Tink then gathers and feeds the raw transaction and account data into mozzeno’s decisioning system. The result is a win-win. No tedious paperwork on the client side, while mozzeno knows their information is accurate and reflects the client’s risk profile.

60% of mozzeno's users choose Tink’s application flow, even though it isn’t mandatory. The rest go with the more old-school option of manually submitting bank statements, payslips, card details, et cetera. The Tink flow is better for mozzeno, too. As the applicants no longer have to upload five different documents, they can process the application in half the usual time. So, using open banking in their application flow offers mozzeno's users a better experience, eliminates the risk of fraud, and reduces the time it takes to process an application by 50%. Win-win, indeed.

Curious about what opportunities open banking could bring to your business? Check out what experiences you can build with Tink.