The Credit File use case is designed to facilitate the contractual process for financial services and products, for both customers and financial entities.
In this use case, an online platform is available where SMEs, self-employed and legal or natural persons can create and manage their credit file and their standardized rating for financial entities.
Currently, when a customer needs financing, the financial entity requires: his or her identification, access to external databases to collect and validate customer data, a credit risk evaluation, and, if it is granted, establishing a contractual credit relationship. As for the new EU general data protection regulation it is required for the client to give consent for providing his or her personal data and to sign one or more documents and for the financial entity to keep the consent and the personal data for several years. And, at this point, neither the financial entity nor the customer knows if the contractual relationship will be performed.
With OLYMPUS, the process is easier for both the financial entity and the customer, in a way that allows parties to exchange only minimal required information before the service is granted.
Instead of providing the customer’s full identification and financial information related to a specific service at the first step of the relationship, the financial entity will receive an anonymous credit file containing the minimal amount of required financial information, bound to a pseudonym, that allows them to evaluate the user’s suitability for that specific product of service. At this point in time, the bank must produce a binding response based solely on the financial information in the credit file, hence the bank cannot discriminate on name, area code or other non-relevant information. If the bank decides that the user’s information is suitable for proposing an offer/contract, the customer can use the pseudonym to reveal his or her identity to the financial entity and start a contractual relationship.
Thanks to the oblivious authentication, the client is protected against possible tracking that in current scenarios can be done in standard Identity Providers, putting user’s privacy at risk.
Since the financial entity and credit file platform do not communicate directly, all data is passed through the customer, hence we focus on the interfaces:
Between the financial entity and the customer
Between the customer and the credit file platform
The access to the interface between the financial entity and the customer can be performed from any computer. Similarly, any computer could in principle be used to access the interface between the customer and the credit file platform. However, in order to make a good user experience, the process is started by scanning a QR code, hence this interface must be accessed using a mobile device, using a custom application.