Experian has partnered with risk management fintech Open Banking Reporting (OBR) to help commercial lenders support SMEs as they recover from the impact of the pandemic, using OBR’s flagship OpenRep product.
Powered by Experian’s datasets, OBR’s solution OpenRep uses advanced analytics and robotic automation, connecting an SME’s accounting software and banking transactions with commercial credit and macroeconomic data to deliver real-time monitoring, alerts and insights to both the lender and the SME.
Experian said OpenRep allows lenders to provide a highly personalised approach to risk assessments by monitoring financial trends within a business’ performance.
Through the collaboration, Experian will also act as a reseller of OpenRep, which further enhances its open data solution Acumen.
Eddie Curran, CEO of OBR, said: “By linking real time financial data with advanced analytics and robotic automation we have developed an early warning system that can help SME owners and lenders identify risks and opportunities.
“As we continue in a period of economic uncertainty, it is even more important that SMEs and lenders access not just the most up-to-date data, but the tools and technology that turn it into actionable insight.
“OpenRep helps business owners achieve their strategic goals and allows lenders to provide a more proactive and personalised service.”
Experian’s managing director of business information services James McGarva said it “remains a critical time” for small businesses, making its partnership with OBR “an important one”.
“By providing a far more comprehensive view of an SME’s circumstances, it allows lenders to understand how they can better support their customers and help them thrive and survive in this challenging business environment. We’re excited to be playing a key role in this process,” he added.
In a recent episode of Open Banking Expo Unplugged, Experian’s Laurie Schnidman and Sam Kerr discussed why cloud is an enabler – click here to listen to the podcast episode.