Open Banking platform used to assess credit applications and create new budgeting app for customers of credit unions and community banks
UK, 7 November 2019: Fin-tech provider incuto will use Experian's Open Banking solution to support its work in the ethical banking sector.*
The new partnership will see incuto use Experian's Open Banking Platform to provide new solutions and products for its credit union and community bank clients, which help people access affordable mainstream credit.
incuto will use the platform to help clients evaluate credit applications, with transaction data used to gain a more accurate insight into a customer's circumstances and their affordability for borrowing.
The platform will also be used for a new credit union web app, which will be released in March 2020. Customers who consent will be able to see their transactional data within the app, which helps them manage their finances and budget more effectively.
Lisa Fretwell, Managing Director of Data Services at Experian, said: 'Credit unions and community banks play an important role in helping people access affordable financial services.
'It's vital that lenders are able to make an accurate assessment of someone's affordability, and this is especially important for credit unions because customers may have encountered financial difficulty before.
'Open Banking solutions, based on transaction data, offer a more complete picture and our partnership with incuto will help customers get access to the mainstream services they need.'
Experian's Open Data platform underpinned more than 25 million of the API requests in July - more than 30% of the total made in the UK overall. It is already powering a number of financial apps, including one for a major high street bank.
A banking technology platform, incuto helps credit unions and community banks modernise and transform their digital legacy services to help them compete with more established banks and better serve their customers.
Andrew Rabbitt, CEO, incuto, said: 'Open Banking benefits both our community banking partners and their members.
For the latter it promotes financial inclusivity and education, allowing them to better understand and improve their credit history, and credit unions can speed up decision making in order to be more competitive.
'We're delighted to partner with Experian and level the playing field for credit unions and community-based banks.'
Experian is currently in the build phase of the products, with incuto planning on launching the services early in 2020.
*Organisations such as credit unions are run in a not-for-profit manner, with no shareholders. They offer members, who may have previously encountered difficulty accessing mainstream financial products, savings accounts, loans, and other services.
** Figures from July via the Open Banking Implementation Entity (OBIE). The number of API requests made in the UK has more than doubled since February.
Robert Goodman, PR Manager Corporate & B2B, Experian UK&I
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incuto was founded on the basis that everyone deserves access to affordable finance. As part of the Fair By Design, accelerator programme, it aims to tackle the poverty premium whereby lower-income households pay more for finance, whether it is high-interest pay day loans or inflexible bank charges. Incuto is an innovative banking platform for Credit Unions, community banks and CDFIs. It allows these banks to better serve their communities by updating legacy technology, enhancing the end user experience and improving access to customers.
Our technology is a SaaS solution for our clients. We support back-office processes, financial education, communication, performance management and enhanced service provision. The missing link between Credit Unions and major distribution networks, we offer clients the chance to integrate their services with major organisations like Starling Bank, Post Office, Vocalink, Telefonica, Mastercard and Experian.
Please visit www.incuto.com for more information.