Credit, Collections & Insolvency News
Atom bank has announced a partnership with Credit Kudos to provide business loan affordability assessments with an aim to deliver £1 billion in lending over the next two years.
Through this partnership, Atom will use categorisation and risk insights to automate underwriting assessments, enabling real-time decisions and improving the customer experience compared to traditional paper-based processes.
The partnership will initially focus on secured small business lending with plans to expand this to unsecured business lending and to support its residential mortgage lending by the end of 2021.
In the future, these enhanced insights will also allow Atom to offer loans to smaller and younger businesses that do not have assets to secure against finance, predictive forecasting will help Atom reduce the risk of defaults.
Edward Twiddy, Chief Customer Officer at Atom bank, said “Our partnership with Credit Kudos will allow us to further expand the range and accelerate the pace of our lending. We’re delighted to be working with another fintech challenger to bring insights based on Open Banking data into the heart of Atom’s decision-making – both for business customers and for our award-winning mortgages. After a year when we’ve tripled the amount of business lending on our books, we’re now well set to take Atom on to even greater levels of efficiency and engagement thanks to the investment we’re making with Credit Kudos.”
Freddy Kelly, CEO and founder of Credit Kudos said: “Over the past year it’s been increasingly difficult for lenders to understand the current financial situation of individuals and businesses. Traditional credit reports are not up-to-date or extensive enough, but Open Banking data allows us to provide lenders with a real-time, holistic overview of an individual or businesses’ finances, as well as a prediction of future circumstances. Our partnership will help Atom bank make significant advances to its services and support even more small businesses in the coming months and years.”
