Will Open Banking be an essential part of affordability decisions in 5 years’ time?

Ellie Duncan
19 Aug 2022

During a live panel debate in May this year, speakers from AccountScore, Oakbrook Finance and ClearScore discussed how the capture of Open Banking data by brokers has the potential to inform lending decisions and improve the customer journey.

Now, Open Banking Expo, in association with Equifax, has launched an industry survey seeking views about Open Banking in the intermediary market.

We want to know, how are financial services companies using brokers, intermediaries and aggregator partners? Do you think Open Banking will be an essential part of affordability decisions in the next five years?

During the live panel, ‘Is broker integration the next big opportunity in Open Banking?’, earlier this year, ClearScore’s chief product officer Matt Fenby-Taylor acknowledged the industry is “at the early stages, there’s a lot more that can be done” with the data captured by brokers.

“As lenders increase their sophistication of decisioning based upon Open Banking data, we need to keep improving that approach and process of helping users understand what that means in the context of credit,” he said.

The results of the Open Banking Expo and Equifax survey will be published in a report later this year, with those who take part among the first to receive a copy.

In addition, your name will be entered into a prize draw where you have the chance to win £200 in Amazon vouchers.

To take part in the ‘Using intermediaries’ survey, click here.

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