Moneybarn has implemented an Open Banking solution from Credit Kudos, with a view of improving its lending decision-making process.
The features Moneybarn will be using include:
- Income verification: Moneybarn can identify an individual’s income sources and regularity, employer name, length of employment and consistency of employment. The Income Shock Indicator also flags any recent loss or reduction in a person’s income.
- Affordability insights: Assessment of an individual’s essential and non-essential expenditure. Categorisation and machine-learning predictions provide affordability assessments.
- Report sharing: Brokers can share reports directly with their lending panel.
Moneybarn will also be using Assembly, an Open Banking decision engine that enables lenders to automate credit policies and implement real-time decisioning without the need for manual data analysis.
Prior to live deployment, new policies can be designed and assessed against the historic population to understand the impact on conversion.
Freddy Kelly, chief executive at Credit Kudos, said: “Our technology will drive significant time and cost savings for Moneybarn and enable them to enhance affordability and risk assessments. In turn, they will be empowered to approve more people and reduce risk across the portfolio. Following a year during which many people have experienced financial turbulence and changes to their income, the comprehensive insights that Open Banking offers are key to helping Moneybarn – and other lenders – to make faster, more confident lending decisions.”
Natalie Trist, chief credit officer at Moneybarn, comments: “Providing our customers with first-class user experience is incredibly important to us and using Credit Kudos’s advanced Open Banking insights enables us to streamline the lending process from start to finish, as well as make significantly faster decisions. Our partnership will also help us to responsibly offer loans to even more people, ensuring they have access to credit options that are right for them.”
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