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Has open banking lived up to expectations during the pandemic? This survey will reveal the answers

The second phase of Credit Strategy’s open banking survey will reveal the functions and products where it’s being deployed – and how successful it has been for various lenders.

The second in a two-part survey - The first age of open banking – living up to its promise? will ascertain many different trends, activities and successes lenders have had with open banking.

 

One of the findings will show the extent to which creditors are using open banking in early warning systems, to discover customers at risk of delinquency during this latest lockdown.

 

The survey will unearth how far lenders are deploying open banking across credit cards, mortgages, current accounts, SME loans and car finance. But it will also go further: prising out trends on the functions for these products, that open banking is being used for.

 

That means the study will reveal not only how open banking is being deployed (such as to enhance assessments on affordability, credit-worthiness, income verification, vulnerability, collections or other areas), but also how lenders rate the success of its implementation, and reasons why the deployment was or wasn’t effective.

 

All participants who take the survey will get free premium membership of Credit Strategy for themselves, and a ’rising star’ within their company, for three months. Current premium members who take part will be able to offer the same to two rising stars in their firm.

 

Aggregated results from the study, (no individual responses will appear anywhere), will be published in a major report coming soon. Findings in this report will enable lenders to benchmark and establish the obstacles, and successful outcomes, other creditors have encountered when using a new open banking solution.

 

The report will also detail the reasons why it’s been successful. Readers can complete the survey here.

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creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group