Libity is a full-service banking and credit platform that helps businesses offer a range of financial products and services to their customers. Fully regulated and compliant, it easily scales up or down to match business objectives, and fits seamlessly into existing brand operations.
Why Libity?
Libity was founded on the simple principle that customers should be able to bank with brands they already love and trust.
Customers are increasingly sceptical of mainstream banks, and report being frustrated with financial communications, processes, and services.
That gives other brands a unique opportunity to fill the gap by harnessing their customer relationships and offering accessible, straightforward banking products and services that make peoples’ lives easier.
Libity is the technology that makes it happen.
How does Libity work?
Libity is guided by four fundamental principles: Precision, innovation, security, and yield.
We understand the obstacles facing both businesses and consumers, so have developed a fully regulated and compliant platform that reduces risk on both sides, protects investment, and maximises revenue with minimal operating costs.
Here’s how:
1. Precision
Our fully automated application management and underwriting can predict client needs and capacity with astonishing speed and accuracy. That means consumers can access the products they need at the click of button, while businesses can trust their capital is being responsibly lent and collected.
How do we do it?
Our groundbreaking technology combines:
- Proprietary AI
- Highly optimised algorithms
- 3D profiling
- A global cloud-based infrastructure
To review and cross reference thousands of data points on every potential customer, in milli seconds, so we can accurately predict who to lend to and how they will repay.
What it means
Libity has already issued over a million loans to customers across the UK, Europe, and Saudi Arabia.
Our technology has collects an astonishing 78 % of loans on time, with 91% repaid in full, before any human intervention is needed at all.
That capacity significantly reduces operational costs, as both underwriting and customer service are automated in the platform.
2. Innovation
Did you know there are 20 million underbanked in the UK and 143m underbanked in Europe?
Most banks require a permanent address, regular income, and spotless record. That effectively shuts out people who have lost their job, home, or a loved one. It puts up additional barriers for people just starting out or trying to start over.
Many consumers are struggling to meet increased living costs. But a combination of stagnating wages and higher lending thresholds makes it harder for everyday people to access the credit that helps them build their lives.
How do we do it?
Libity recognizes that this underserved market needs help, and designed our ultra-precise underwriting technology specifically with their barriers in mind.
Deploying the latest developments in AI, processing and financial technology to open up opportunities in existing and underserved client bases.
What it means
Our innovative technology opens up a market of 2.5 billion underbanked consumers across the globe.
Libity already sees 13 million applications and issues 250,000 loans every month.
Businesses can now give any customer the ability to borrow and save with their favourite brand, rewarding them for shopping online or in-store.
3. Security
Regulatory changes in 2015 left most big banks with legacy systems that are hard to update. This shuts millions of customers off from access to appropriate credit products.
Libity was built in the UK with regulation and compliance at the core of our technology and services.
Both business and customers get the security of knowing their data, money and investment are safe, as well as the security of knowing positive outcomes are being prioritized.
How do we do it?
Our technology does more than underwriting- it also manages communications and signposting, picking up on flags that signal a customer needs a different kind of service.
- Libity application and underwriting technology quickly identifies application flaws. We perform full credit referencing, no matter how small the loan, along with detailed affordability assessments
- Libity communications technology makes sure customers understand their agreements and flags keywords that could indicate vulnerability or risk
- Libity operational technology ensures interest is capped as appropriate and instantly matches delinquent customers with one of our fully trained and regulated service centers to set up an affordable payment plan through a real human being
All business functions of Libity’s platform support real time reporting which enhances risk control. Meanwhile, our advanced AI assesses and de-risks customers consistently and instantly.
What it means
The precision of our technology doesn’t just protect funds and investment- it also adheres to all FCA guidelines regarding responsible lending and positive customer outcomes, ensuring that both businesses and customers are always protected.
With the UK as the world’s most heavily regulated market, this means we can easily integrate anywhere in the world. We’re already in Eastern Europe, Saudi Arabia, and North America.
4. Yield
Libity keeps overhead costs low while giving businesses the tools to access billions of new customers.
Libity’s market is growing by 10% every month, with 83% market growth each year in the UK alone.
According to World Bank, there are:
- 143m unbanked or underbanked across Europe
- 26.6m in Italy
- 17.5m in Spain
- 23m in Poland
- And 13m cash constrained in the UK
Mainstream banks earn £1.2bn a year in penalty fees.
How do we do it?
Libity is a single AI platform that manages every aspect of the banking and lending process with unparalleled precision.
Even for those cases when human intervention is needed, Libity provides the trained and regulated customer service centres so brands don’t have to manage or recruit for manage banking operations themselves.
What it means
Our process of re-engineering & optimisation makes even the smallest transactions profitable. And our digital first, affordability focussed systems and processes mean we can offer products and services to the consumers who most need it- the underbanked.
Libity is the future of banking
Our industry-leading synthesis of precision, innovation, security and yield makes Libity the disruptive fintech gamechanger of the future, designed to ensure that any company or customer can join the revolution.
