Credit Strategy is launching phase two of our survey with creditors across multiple sectors, to discover the precise functions and products where open banking is being deployed – and how successful it’s been.
The second in a two-part survey - The first age of open banking – living up to its promise? will ascertain many different trends, activities, successes and progressions 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 the pandemic and particularly, the second 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, by prising out trends on the functions for these products, that open banking is being used for.
That means the study will reveal not only which functions that open banking is deployed on (such as affordability, credit-worthiness, income verification, vulnerability and collections and others), but also the successes they’d had on certain products, and the reasons why deployment was or wasn’t effective.
Findings from the survey will enable lenders to benchmark and establish the obstacles other creditors have encountered when using a new open banking solution.
Results of this survey will be aggregated for an article published in Credit Strategy, portraying emerging trends and activity, as well as a major report published in the new year, presenting sector-wide statistics, analysis of where lenders have seen successful deployment of open banking, and the reasons why it’s been successful in some areas and not in others.
Note: Individual answers provided to the survey will be subject to the same non-disclosure terms & conditions that apply to all Credit Strategy’s awards entries. These Ts&Cs guarantee that individual results will not be published anywhere on Credit Strategy’s website, magazine or social media channels. Only aggregated results are published to show industry trends.
Readers can complete the survey here.