Admiral Financial Services Limited (AFSL), part of FTSE 100 company Admiral Group, has selected challenger credit reference agency Credit Kudos to provide Open Banking data to initially help with income verification in a bid to support consumers across its personal loan products.
This partnership will provide AFSL with access to additional, more up-to-date information than was previously available through traditional credit bureaus, to instantly verify an individual’s income. Over time, AFSL may use this to understand a customer’s affordability, and better assess risk using financial data.
AFSL paused lending during the COVID-19 crisis owing to the difficulties verifying income resulting from redundancies, furlough, or reduction in work. The information provided by Credit Kudos through Open Banking will help AFSL return to growth, helping the loan provider increase lending volumes responsibly.
Using Credit Kudos’ embedded Open Banking journey, AFSL customers will be able to share their financial transaction data securely within their application. Once connected, Credit Kudos instantly aggregates and analyses their financial transaction data to provide AFSL with rich insights to enhance their income verification process.