TransUnion announces investment in open banking specialist Bud

1st February 2023 Company News |

TransUnion, a global insights and information company, has announced a strategic investment in Bud Financial a specialist in Open Banking and data intelligence. TransUnion says that this dynamic partnership will help drive innovation and growth in the personal finance market and support better outcomes for consumers, with greater financial inclusion. Headquartered in the UK, Bud…

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SPONSORED ARTICLE: LendingMetrics’ ADP helps support continued success for Castle Trust Bank

31st January 2023 Company News |

Since acquiring Omni Capital in 2017, Castle Trust Bank has been able to offer accessible finance solutions to retailers, and over the past four years, LendingMetrics’ award-winning Auto Decision Platform (ADP) has powered their decisioning process. ADP allows credit risk professionals to run complex decisioning logic on credit data from multiple sources, in real-time with…

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Open Banking Implementation Entity appoints new Chair

24th January 2023 Appointments |

The Open Banking Implementation Entity (OBIE) has announced that Marion King has been appointed as its new Chair and Trustee and will commence her Trustee mandate on 1st February 2023. King’s appointment follows a robust recruitment process led by the Competition and Markets Authority (CMA). She will succeed Charlotte Crosswell, the current Chair and Trustee,…

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Millions of customers benefit as Open Banking enters a ‘new phase’

13th January 2023 Consumer Lending | #open banking

The Competition and Markets Authority (CMA) has determined that the six largest banks Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander have implemented the requirements of the Open Banking roadmap. Open Banking was launched in the UK in 2017 as part of a package of improvements following the Competition and Markets Authority’s (CMA) market investigation into…

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2022 Credit & Collections Technology Company Power List announced

Credit Connect has announced its annual Credit & Collections Technology company power list for 2022. The fourth edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Each year Credit Connect identifies the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies.…

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FEATURE: Open Banking in Consumer Lending – A Game Changer?

It’s been nearly five years since Open Banking was launched in the UK, and although initial adoption rates were somewhat lower than expected, there is evidence that the platform may be a ‘slow burner’. Recent research suggests that usage is now growing rapidly, with the number of Open Banking transactions growing 10% month on month*. …

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FCA to probe big tech’s move into payments

25th October 2022 Consumer Lending | #payments

The Financial Conduct Authority (FCA) has launched a review into big tech’s move into payments, deposit taking, consumer credit and insurance. While the FCA acknowledged that the involvement companies such as Alphabet, Amazon, Apple and Meta could bring innovation and benefits to consumers by increased efficiency and delivering healthy competition, it said they could pose…

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Half of lenders are still not using technology generated credit scores

European open banking platform Tink is urging lenders to prioritise upgrading creditworthiness assessment models to ensure more accurate lending decisions.   Tink says traditional lending models are broken, and against a backdrop of the cost-of-living crisis, a blinkered view of income and expenses is no longer fit for purpose. As the economic crisis worsens, better decisions…

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Businesses risk alienating customers in digital transformation

16th September 2022 Consumer Lending |

Businesses are failing to strike the right balance between innovation and user experience, according to new research from Studio Graphene. The digital agency found the majority (58%) feel that businesses are too eager to move to new digital platforms without properly considering whether users will be able to adapt to the new system. Three in five…

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Lending Technology Think Tank 2.2 Review

13th September 2022 Consumer Lending | #lending technology

Credit Connect’s hosted its fourth Online Lending Technology Think Tank last week which saw lending strategies and the future of the sector discussed by fourteen leading professionals from a variety of lending sectors. The event was attended by over a hundred lending professionals from banks, credit card providers building societies, loan providers, credit unions and…

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Quarter of self employed struggle to access financial services

New research from open banking platform, Tink, reveals that over a quarter (28%) of the UK’s self-employed struggle to access the financial services they require, leading many to believe the current system works against them due to their employment status. According to the survey of consumers, a stark 27% of self-employed people feel they have…

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Open Banking growth driven by post pandemic digital acceleration

18th July 2022 Consumer Lending | #open banking

Open Banking adoption is growing, driven by the rapid digitisation of finance  according to the data from global information and insights company, TransUnion. The Open Banking data shows that financial institutions have been experiencing the highest volume of Open Banking transactions, caused in part by banking becoming more digitised during the pandemic. Shail Deep, chief…

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Call for Open Banking to become a legal requirement for assessing borrowing affordability

Buy now, pay later (BNPL) finance firm, Payl8r, is calling for the adoption of open banking as a legal requirement for credit assessing in the same way that credit checks are, to ensure safer lending for borrowers in the face of rising costs of living. Payl8r says open banking technology connects banks, third parties and…

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