Open banking is already impacting customer journeys and user experience – is now the time to bring that innovation into the heart of credit in the UK, for both lenders and borrowers? From 1pm on the 8th October, we’ll be discussing what works well today, what doesn’t, where are the challenges, and what opportunities are out there for open banking to deliver genuine value for consumers.

Open banking is already being used in different ways by lenders. Our panel will be talking us through its impact on responsible lending, creating flexible, responsive services, and helping to manage the impact of Covid 19.

Supporting responsible lending

Improving the accuracy of affordability checks, based on data beyond just credit scores, is in-market already. How effective is open banking data in affordability checks? What are the opportunities of drawing directly from the open banking data well – rather than supplementing consumer provided data, bank statements or bureau data?

Creating flexible, responsive services

How can open banking support faster decisioning? What tools are there, or could there be, to support lenders so they can be proactive in identifying vulnerability or pre-emptively engaging with consumers to work through difficulties collaboratively? And what are the drawbacks – is this too much like ‘big brother’ in action?

Managing the impact of Covid

How can open banking support consumers stay on top of their repayments, seek out breathing space or access payment holidays when they need it? What does open banking mean within the context of loan consolidation? If consumers do end up falling behind on repayments, how can open banking support them in catching up?

Consumer Forum - How Open Banking is Transforming the Credit Market