Motor finance provider Moneybarn has chosen challenger reference agency Credit Kudos as its Open Banking partner to help it make better informed and quicker lending decisions.
Through the partnership, Moneybarn will be able to use a range of Credit Kudos’ products to improve turnaround times and more accurately assess affordability and creditworthiness, including income verification, affordability insights, report sharing and its newest product ‘Assembly’.
Credit Kudos said that its Open Banking decision engine ‘Assembly’ enables lenders to automate credit policies and implement real-time decisioning, with no need for manual data analysis, and with minimal or no technical integration.
By using Credit Kudos’ ‘income verification’ product, Moneybarn will be able to instantly identify an individual’s income sources and regularity, employer name, length of employment and consistency of employment, while the ‘Income Shock Indicator’ also flags any recent loss or reduction in a person’s income.
Freddy Kelly, CEO of Credit Kudos, said: “Our technology will drive significant time and cost savings for Moneybarn and enable them to enhance affordability and risk assessments. In turn, they will be empowered to approve more people and reduce risk across the portfolio.”
Its ‘report sharing’ feature allows brokers to share Credit Kudos reports directly with their lending panel, allowing Moneybarn to use Open Banking insights for their brokered leads.
“Following a year during which many people have experienced financial turbulence and changes to their income, the comprehensive insights that Open Banking offers are key to helping Moneybarn – and other lenders – to make faster, more confident lending decisions,” Kelly added.
Natalie Trist, chief credit officer at Moneybarn, a lender of specialist car, van, and motorbike finance, said: “Providing our customers with first-class user experience is incredibly important to us and using Credit Kudos’s advanced Open Banking insights enables us to streamline the lending process from start to finish, as well as make significantly faster decisions.
“Our partnership will also help us to responsibly offer loans to even more people, ensuring they have access to credit options that are right for them.”
Listen to Credit Kudos’ Freddy Kelly on a recent episode of Open Banking Expo Unplugged to find out what he looks for in a strategic partnership.