At the launch of FinTECHTalents in 2018 – AccountScore were the first on the stage telling a story about providing clients with access to bank transaction data through Open Banking and delivering cutting-edge transaction analytics to drive value. The London Based company will kick off the FinTech Stories Stage again for FinTECHTalents 2019. We caught up with the team to hear about ‘the story so far…’
So, what’s new? Any new products, super start team members, client wins? Can you tell us some of your greatest successes over the past 12 months?
Over the past year, AccountScore has proudly remained at the forefront of the Open Banking revolution. We have more than doubled our number of clients by signing over 40 new clients in the last 12 months, a true testament to the quality of AccountScore’s data & analytics solutions as well as the growing desire for the adoption of Open Banking.
Our lead analyst, Harvey Lawrence, won the Rising Star of the Year at the 2019 Credit Strategy Awards, a further testament to the team that underpins the AccountScore solution.
We have also launched a new solution for Commercial Lenders which facilitates the analysis of business bank accounts to verify and enhance company account information, gain in-depth insights into liquidity and cashflow as well as credit usage and liability.
In October 2019, AccountScore announced the release of a new credit risk index for the consumer lending sector. The Financial Health Indicator (FHI) was developed in partnership with Equifax and is derived solely from transactional data. As well as providing financial institutions with more granular insight, the index will also output 26 indicators which can be displayed back to a consumer to give them an understanding of their rating within the index and the different factors which effect this. This means the index is provided with full transparency and allows lenders to explain their decisions effectively to their end customers.
Can you give us a spoiler on your ‘Story’ for FinTECHTalents 2019?
The story: How AccountScore came to lead the Open Banking revolution.
AccountScore is the brainchild of a team of experienced, online credit professionals who have worked with bank transaction data analytics for over 9 years. This has served as an unparalleled advantage in delivering value to our clients through transaction data analytics and categorisation. We are on a mission to keeping pushing the boundaries and remain at the forefront of the Open Banking initiative. Our partnership with Equifax has already lead to the launch of new market leading solutions and functionalities, but where will go next?
What’s next? What do you have planned for 2020?
First and foremost, we will continue building cutting-edge analytical insights including more granular income categories and improved forecasting logic. We will also be building on our partnership with Validis to combine Open Banking and Open Accounting Data. 2020 will also see significant expansion as we start to implement the payments functionality Open Banking has to offer as well as expand our client base around the globe as we launch in Spain, Hong Kong and Australia as well as continue to grow in the UK, USA, Canada and India.
Visit AccountScore’s FinTech of the Week page and see them tell their new Story at FinTECHTalents this November.