LendInvest, the London based buy to let finance and bridging finance platform, has partnered with Credit Kudos to streamline its credit checking process via Open Banking. Credit Kudos is a credit reference agency which uses technology to enable more of the underwriting assessment process to be automated, with no manual upload of documents. LendInvest has already seen their assessment times reduced by 50%.
Using Open Banking will not only provide a quicker service but it is also more streamlined and secure. In addition, the lender is able to use Open Banking insights to enhance their lending decisions as they provide an overall view of a customer’s financial situation. These insights are also beneficial when it comes to customers who are self-employed or sole traders and therefore do not have traditional income patterns. Since February, there has been an increase of 26% in Open Banking conversion rates.
Arman Tahmassebi, COO of LendInvest, commented: “Getting rid of the manual documentation process has allowed us to offer a far faster and more convenient service. Although we have been using Open Banking for two years, this new partnership with a like-minded fintech has allowed us to take it to the next level and really reap the benefits of the technology.
“The greater insights are empowering us to make better informed, faster lending decisions to more people. We have been particularly impressed with the seamless integration of Credit Kudos into our system – the new dashboard is highly intuitive and it’s already helping us serve more customers.”
Credit Kudos, founder and CEO, Freddy Kelly, added: “Like LendInvest, we are committed to making credit applications smoother and fairer for both the lender and applicant, so this partnership is a natural fit.
“Open Banking technology is transformative for lenders who want to make smarter and faster decisions to better serve their customers. With our technology in place, lenders can automate the underwriting process and get a far more accurate picture of an applicant’s true financial position. It not only helps them lend responsibly but also opens up their service to underserved customers who may not have traditional income patterns, such as sole traders.”
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LendInvest recently announced they have partnered with Jumio and are now using their biometric-based technology to make applying for a loan quicker and easier.