Bonitätsanalyse 3.0

Lending Process 3.0 – 5 New Online Business Models That Become a Reality with the Digital Account Check

Customers who apply for a conventional loan are familiar with the procedure: the lending bank checks creditworthiness using salary statements, account statements, rental contracts and information services such as SCHUFA or Creditreform.

From the customer’s point of view, this is far from convenient. There’s an awful lot of paperwork involved and it can take days for the banks to reach a decision – which leads us to the next problem, namely that a manual credit check is anything but reliable.

If the bank bases the scoring on outdated data or if errors creep in when assessing creditworthiness, the customer is left frustrated in the event of an implausible rejection. On the other hand, if the bank overlooks risks due to manual checking mechanisms, it may lead to an over-optimistic assessment of the creditworthiness. It is the customer that loses out in the first case, whereas the bank loses out in the second case.

The Lending Process 3.0 digitalises the scoring process – it accelerates the entire procedure and takes the customer experience to the next level. Click To Tweet

Lending Process 3.0 digitalises the scoring process

The good news: the loan approval process is a standardised process that can be automated with the help of technology. The further development is called Lending Process 3.0, something which brings speed and precision into the credit assessment. This helps banks to digitalise a large part of the loan approval process.

If the customer authorises access to their online banking account, their liquidity can be checked in real time using a Digital Account Check – this reduces the waiting time from the application to the decision on creditworthiness to just a few seconds.


Behind Lending Process 3.0 is the Digital Account Check, which can be used to digitalise the conventional credit assessment process. This is made technically possible by XS2A i.e. access to the consumer’s online banking account. You can find out how this works in our blog post.

Customers benefit from digital credit application in several ways:

  • Less paperwork: Customers can completely dispense with collecting, scanning and sending credit checks and escape the feeling of being financially exposed.
  • Quick decision: Scoring is automated by aggregating, analysing and categorising account transactions. Manual processes that have so far delayed the process are minimised by the Digital Account Check.
  • Seamless online experience: Lending Process 3.0 can be smoothly integrated into online journeys. For example, an online provider can offer the credit purchase at the checkout and the customer can carry out all the further steps without an interruption to their online experience.
  • Maximum security: The Digital Account Check operates via XS2A and banking APIs, for which PSD2 provides a secure legal framework. In contrast to paper-based exchange, with Lending Process 3.0 the bank only sees data that is relevant for the credit decision

For banks, on the other hand, the reliability of the credit check is increased by an accurate and comprehensive data evaluation based on the Digital Account Check. At the same time, the original, cumbersome process is transformed into a digital, largely automated process.

Junger Mann lehnt sich im Stuhl zurück und wirkt entspannt

Loans are becoming attractive again because of their simplicity. Online providers integrate Lending Process 3.0 into their business model and bring out the positive features for loan demand. We have taken a close look at five online business models.

1. Traditional banks go digital

Granting loans is an important part of the business model of traditional banks. However, the traditional, manual scoring model is simply outdated in times when more than three-quarters of customers use their smartphone to make bank payments.

Lending Process 3.0 eliminates media disruptions in the loan approval process with the help of the Digital Account Check. The applicant does not need to manually submit sensitive documents for credit checks such as account or salary statements. The bank can establish an up-to-date credit rating on the basis of data from online banking.

Banks benefit from rising credit agreement rates – for example, Novum Bank reports a doubling of its rates! At the same time, the quality of the credit rating is improved by a selective expenditure account and the process costs are reduced thanks to digital transformation.

Lending Process 3.0 eliminates media disruptions in the loan approval process with the help of the Digital Account Check. Click To Tweet

2. Challenger banks close data gaps

Challenger banks like N26 are relatively new to the banking business. The challenge for them is that in contrast to established banks, they do not have a history of customer data spanning decades. A plausible assessment of creditworthiness is not possible due to the fact that the customer relations have occurred over such a short period of time.

Lending Process 3.0 closes this gap. Using the Digital Account Check via banking APIs and XS2A, Challenger banks generate historical customer data that they need in order to check their customers’ creditworthiness in a reliable manner.

Conventional scoring models such as SCHUFA or Creditreform are still important sources that are used for credit decisions. However, they do only provide historical data. The Digital Account Check closes this gap and supplements the credit rating with real-time data from online banking.

3. Lending platforms broker online loans without media disruption

Online platforms such as smava, Finanzcheck and Check24, which broker instant loans among other things, are confronted with the same challenge as Challenger banks. Your customers expect a seamless online experience in which the time from the credit application to the final decision takes a maximum of a few seconds, not a few days.

Via banking APIs and XS2A, third-party providers specialising in the Digital Account Check access the customer’s online banking accounts after receiving the customer’s consent and transfer the data categorised to the online platforms to ensure a reliable credit check. This means that all the data required to obtain an online loan is available without media disruption.

4. Online shops offer instant loan as a payment option

Online shop operators have up until now faced an unsolved challenge: credit-funded payment is becoming increasingly popular. On the other hand, the loan approval process is cumbersome and interrupts the otherwise seamless online experience.

Lending Process 3.0 could find a remedy. For example, anyone who selects PayPal as a payment option in the checkout process today is automatically redirected to the PayPal portal, logs in and returns to the online shop after successful authentication.

According to the same principle, online shops could integrate instant financing into the checkout by cooperating with a bank based on the Digital Account Check. If the credit check runs via XS2A, the shop operator receives confirmation that the goods can be delivered, provided the customer has an adequate credit rating – from the customer’s perspective, this provides a shopping experience without media disruption and serves as an effective means for the shop operator to increase their conversion rate.

5. Factoring providers decide in real time

Factoring is becoming increasingly popular. Freelancers and small entrepreneurs in particular rely on the pre-financing of their invoices in order to increase their liquidity in the short term. Recently, demand has been rising by just under ten percent from year to year.

Providers such as Finiata and Billie specialise in online factoring. Liquidity for the self-employed is available at the push of a button, so to speak, and without complicated checking processes. This is made possible by Lending Process 3.0 and their scoring algorithms in the background, on the basis of which factoring can make a decision in a matter of seconds – all online, without any media disruptions.


With our own banking API, we have access to more than 100 million online banking accounts in Europe and cover 99.5 percent of all banks. We help numerous banks, FinTechs and online providers to implement Lending Process 3.0. Get in contact if you would like to learn more about the Digital Account Check. Contact us now.