Noelse uses Open Banking and Algoan solutions to offer its customers a €100 advance

Noelse is a 100% digital European neobank for individuals and professionals. Noelse's aim is to offer everyone, regardless of income, a simple and affordable way to regain control of their money on a daily basis.

The neobank offers a range of no-commitment financial services to its customers.

The need: Offer an immediate and interest-free 100€ advance to customers while controlling risk

Noelse wanted to offer its customers who had subscribed to the Noelse Care offer (€9/month) an interest-free advance of €100, repayable the following month.

Being 100% digital, the neobank's objective was to offer an optimal customer experience, which means fast, frictionless, and with an immediate response.

The challenge was to determine the eligibility of new Noelse customers in a matter of seconds, without damaging the onboarding experience.

The solution: A customer journey with instant eligibility check

From the Noelse app (or website), you can test your eligibility for the €100 advance if you are not yet a customer.

All you need to do is enter a few personal details (first and last name, mobile number, email address, etc.) and then connect your current account via the Mastercard Open Banking aggregator shown in the customer journey.

The retrieved banking data is then processed by Algoan's decisioning plateform to determine the customer's eligibility for this offer:

• Algoan Essentials provides via API a ready-to-use analysis of the financial situation
• Algoan Score assesses the ability to repay the €100 advance the following month

This analysis is returned to Noelse in a matter of seconds, enabling an immediate response directly in the customer journey.

The strategic partnership between Mastercard and Algoan allows them to offer a suite of compatible products with a simplified integration, from bank account aggregation to decision-making, to easily enable an instant affordability and creditworthiness assessment based on Open Banking.

"The partnership with Algoan enables us to combine our respective skills in data management and credit analysis. This has helped Noelse to offer solutions that are increasingly in line with customers' needs, while avoiding putting them in a situation of financial fragility."

Adrien Fournier, Marketing Director at Noelse

The results: A significant increase in customer satisfaction

Since the launch of this offer at the beginning of April 2024, first accessible in beta by invitation and then from the Noelse app directly, the conversion rate and the satisfaction reviews have continuously increased.

Hundreds of customers tested their eligibility and several hundred advances were granted.

There was also an increase in ratings for reviews on app stores and on Trustpilot, and several hundred positive reviews have been published for the new feature.

This €100 instant advance with eligibility check allows Noelse to be at the forefront of financial services proposed by neobanks, offering a quick and easy solution to deal with unexpected financial situations.

Using Algoan solutions also allowed Noelse to protect its customers from a weakening of their financial situation, while ensuring that they will be able to repay the advance.

"Open Banking data is very rich and granular. Calculating the essential indicators for assessing eligibility, such as the residual income and the debt-to-income ratio, can be time-consuming and complex. Our expertise around Open Banking data enables us to offer ready-to-use risk indicators via API so that Noelse can focus on its core business of providing a banking offering that values customer satisfaction."

Lucas Rodrigues Dos Santos, Product Manager at Algoan