Lending Works chooses Credit Kudos to power new Open Banking initiative

Source: Credit Kudos

Credit Kudos and Lending Works announce a partnership that creates one of the first commercial applications of the new Open Banking standard, empowering customers to instantly verify income in support of loan applications.



Credit Kudos, a challenger credit bureau, and Lending Works, a fast-growing peer-to-peer (P2P)  lending platform, are partnering to enable customers to benefit from the UK’s Open Banking  initiative, a secure way for banking customers to take control of their financial data. Credit Kudos  and Lending Works’ partnership is one of the first initiatives to use Open Banking to improve  customer experience in the finance industry. 

Credit Kudos automates the process of applying for credit by removing the need to manually fill  out forms and upload documents. Lending Works is passionate about delivering a  game-changing customer experience for its personal loan borrowers. With this new partnership,  Lending Works’ customers can now use Credit Kudos to populate forms, verify income and help  demonstrate creditworthiness instantly online, making it easier and faster to apply and be  accepted for loans. Currently, approximately 60% of Lending Works’ borrowers are provided with  instant and automated credit decisions, whereas the remaining 40% require some manual  processes. Within the new world of Open Banking, Lending Works expects to increase that figure  to up to 90% of credit decisions being fully automated.
  
Freddy Kelly, CEO of Credit Kudos: 
“With Open Banking, customers now have control of their own financial data. Lending Works and  Credit Kudos are using Open Banking to provide borrowers with a faster and easier way to verify  income and demonstrate creditworthiness. 

We’re excited to partner with Lending Works, who are as technology-obsessed as we are at  Credit Kudos, to raise the bar for customer experience in the lending industry.”  
Nick Harding, CEO of Lending Works: 
“We are fanatical about creating best-in-market customer experience in consumer credit. Open  Banking provides us with an opportunity to significantly enhance the ease and speed of applying  for a loan, while simultaneously improving our credit underwriting process. We are thrilled to be  able to further enhance the positive experience customers have when applying for a Lending  Works loan.
  
Credit Kudos have already proven themselves as an early leader in their market, and we believe  they have a very bright future in providing Open Banking services to other technology-led  businesses.” 

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