Some lenders have already adopted Open Banking technology, while others are still considering implementation, so what does the lending market really think about using Open Banking?
A new industry survey conducted by Open Banking Expo, in association with Equifax, seeks to shed light on how lenders are currently using Open Banking – or how they intend to in the next 12 to 18 months.
During a live panel debate in December last year, Matt Meecham, chief digital officer at Evolution Money, revealed Open Banking has been “integral in helping us assess creditworthiness and helping us make better informed credit risk decisions”.
However, Karl-Magnus Wadsack, strategic growth director, Open Banking at Equifax, added that because of the consent required for Open Banking data, it is often wrongly viewed as “a point of friction”.
Among the questions in the survey are, what current problem or pain point are you hoping to solve by using Open Banking? Which use cases best represent how you are currently using Open Banking within your organisation?
The live panel debate ‘Raising the stakes in the battle to onboard new customers’ in association with Equifax, also heard from Michelle He, co-founder and chief operating officer of Abound, formerly Fintern.
“People with thin file are not able to borrow at good rates. There are millions of people in the UK with a thin file. We, at Abound, took an Open Banking-first approach to our underwriting,” she said.
Open Banking Expo and Equifax will present the findings in a report.
Tell us what you think about using Open Banking in the lending market and you’ll be added to the VIP list to get your copy of the results first to help shape your strategy.
Respondents will also be entered into a prize draw, to have the chance to win a pair of tickets to an Open Banking Expo event of their choice, worth up to £1,998.
Click here to take the survey.