FAAREN digitises credit checks with the finAPI KreditCheck
FAAREN is Germany’s largest digital platform for car subscriptions. For the company, assessing the financial situation of subscribers is a key part of every contract decision. FAAREN needs to realistically determine whether customers can afford the monthly cost of a car subscription. This is comparable to a credit check, where income and ongoing financial commitments are assessed before a contract is signed.
Starting point and challenge
Before integrating finAPI, income verification relied on traditional documents such as payslips, bank statements, or screenshots. This was time consuming and not always clear. It became especially challenging for self employed customers or people with project based income. Anyone without a steady monthly payslip can easily fall through the cracks of standard verification processes. In uncertain cases, contracts had to be rejected or secured through guarantees and advance payments. This was neither efficient nor customer friendly. And even with manual checks, FAAREN still carried a certain residual risk.
The solution: Digital account check with finAPI KreditCheck
FAAREN wanted a more objective, data driven basis for decisions. This is exactly where the finAPI KreditCheck comes in. With the customer’s consent, an account check analyses the last 365 days of account transactions. Income, expenses, and potential risk indicators are identified, such as direct debit chargebacks, debt collection payments, seizures, and gambling related transactions.
FAAREN receives a structured overview showing where income comes from, how regularly it is received, how high it is, and which ongoing expenses exist. finAPI also provides metrics such as the average account balance or fluctuations over the year. For FAAREN, this works like a modern proof of income, only much more comprehensive and better structured. finAPI provides the data basis, the decision is made by FAAREN.
Implementation in just a few weeks, from first use to full integration
The rollout was pragmatic and fast. From the first conversation through a short testing phase to the first real customer use, it took only around four weeks. Initially, FAAREN added a link to its email communication. Customers were directed to a secure finAPI page where they could complete the KreditCheck. Technically, this was straightforward and quick to implement.
Today, the account check is fully embedded in internal workflows. Users can clearly see which steps are still pending, including the choice between the digital account check and classic income documents. FAAREN recommends the account check as the first option, while still offering an alternative. This prominent placement alone has noticeably increased the usage rate.
Acceptance, customer experience, and who benefits most
Customer acceptance of the account check is high at FAAREN. Especially younger subscribers already know digital verification from other applications and have few concerns. The process is fast, intuitive, and transparent. There is no scanning or uploading. Consent, login, done. The results are available within seconds.
Results: Faster decisions, less effort, a better data basis
Operationally, one thing has changed for FAAREN above all, speed and security. The technical process takes only seconds, and internal reviews are usually completed within a few minutes. The team saves a lot of time because documents no longer need to be checked manually. Since the credit check is based on account data, residual risk is reduced. Customers receive feedback faster and no longer need to gather documents.
Interested in a short demo?
Would you like to learn how account data can flow into your decision process? Use our contact form and we will get back to you shortly, for a demo or a brief consultation.
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