AltFi has launched its report ‘Alternative Lending State of the Market 2020’, sponsored by Credit Kudos.
The report goes behind the headlines and the figures and looks at what else is happening. Within the report is exclusive interviews and data, including the survey of nearly 50 CEOs of lending businesses.
Featured on page 36 is the latest article from Credit Kudos CEO - Freddy Kelly, 'Responsible Lending in a Pandemic: The Rationale for Open Banking as the New Standard’. The article explores the impact lenders have experienced over the past six months, and how Open Banking can assist in overcoming these challenges.
“Now is a golden opportunity for lenders to respond to an increasingly digital-focused customer base by harnessing new technology. Open Banking can both improve the customer experience and provide lenders with access to new, richer sources of customer data to make more informed, responsible lending decisions.”
- Freddy Kelly, Credit Kudos CEO & Cofounder
Open Banking not only enables the lending community to continue to lend responsibly in this market, but also allows lenders to return to growth.
As Christian Faes, Co-founder of LendInvest, said: “Fintech companies have a huge role to play in helping drive the fortunes of the lending industry – especially when it comes to Open Banking. The time is right for new partnerships and new technologies to ensure the lending sector thrives in the new normal.”
An increasing number of lenders have already embraced these new data sources and technologies to help understand borrowers in the new normal. Open Banking is the new standard for credit assessments, providing lenders with real-time financial behavioural insights that can help lenders responsibly return to growth.
To access the full report and learn more about Open Banking, download the full report here.