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Moneybarn and Credit Kudos partner to modernise motor finance with Open Banking

Moneybarn partners with Credit Kudos to use Open Banking insights to make more informed, confident,and quickerlending decisions.

by Credit Kudos27 August 2021

Moneybarn, the UK’s leading lender of specialist car, van, and motorbike finance, has selected challenger credit reference agency, Credit Kudos, as its Open Banking partner.

Moneybarn is using a range of Credit Kudos’s products to better inform its lending decisions, including:

  • Income Verification: Open Banking insights enable Moneybarn to instantly 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: Accurate assessment of an individual's essential and non-essential expenditure is crucial for accurate lending decisions. High accuracy and coverage on categorisation, combined with machine-learning predictions helps Moneybarn to enhance their affordability assessments, whilst reducing time and cost.
  • Report Sharing: Brokers can share Credit Kudos reports directly with their lending panel, enabling Moneybarn to leverage Open Banking insights for their brokered leads. This drives better, faster decisions and results in a better customer journey.

Moneybarn will also be using Credit Kudos’s newest product, Assembly, an Open Banking decision engine that enables lenders to automate credit policies and implement real-time decisioning, with minimal or no technical integration. Prior to live deployment, new policies can be designed and assessed against the historic population to understand the impact on conversion, all via a simple user interface. This further improves operational efficiencies and allows lenders to extend their services to more people as they can easily determine how to grow loan books with minimal risk.

The partnership will enable Moneybarn to make more informed decisions when it comes to assessing an individual’s affordability and creditworthiness, based on real-time financial data. This will empower the company to lend more confidently to thousands of people each month, helping them gain access to motor finance faster and in a responsible way.

Additionally, the level of automation offered by Credit Kudos’s solutions holds significant benefits for both Moneybarn and its customers. For Moneybarn, it will reduce costs, enable faster decision-making, and support them to deliver a better customer journey - something that is core to the company’s ethos. For customers, it will provide a smoother, quicker experience and allow more accurate decisioning which in turn could increase their chances of being accepted for a loan.

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.
Freddy Kelly, CEOCredit Kudos
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.
Natalie Trist, Chief Credit OfficerMoneybarn