The future of lending and the early stage of unlocking the potential of open banking
At FTT Lending, we had the pleasure of speaking with Gurminder Bhagrath, Chief Operating Officer of Plane Saver Credit Union. Gurminder shared his insights on the vital role credit unions play in today’s financial landscape. “We’re like a bank, but not quite,” he explained. Plane Saver Credit Union focuses on ethical lending and meaningful savings options for underserved communities—putting people before profits and reinvesting value back into their members’ pockets.
While much of the industry is abuzz with excitement around AI, Gurminder points to open banking as the more transformative force—particularly for credit unions. “We’ve only just scratched the surface,” he said. Beyond improving application processes, he sees its true potential in early intervention—helping people avoid falling into debt or collections in the first place. Used wisely, open banking could become a powerful tool in protecting financial wellbeing before problems arise.
Gurminder didn’t shy away from addressing the current challenges in lending. “The future of lending at the moment looks a little bit grim,” he noted, reflecting on the impact of the pandemic, geopolitical pressures, rising interest rates, and tightening credit criteria. These factors have pushed many people—who previously wouldn’t have been considered at risk—into the underserved category. “Something like 16 million people are now newly considered underserved,” he added, making it clear that traditional lending models need urgent revision.
Looking ahead, Gurminder believes that financial institutions must focus on accessible, tailored lending options. “We need more products for people who need £1,000 or less,” he said, advocating for small-value loans that are quick and easy to access. For credit unions, this isn’t just a market shift—it’s a reaffirmation of their mission. As the financial services sector grapples with rising inequality and changing borrower profiles, it’s organisations like Plains Saver that are helping lead the way with purpose-driven innovation.
Interested in the full conversation? Watch the full interview with Gurminder below to explore more insights on the evolving landscape of lending and financial communication.
Join us at the FTT Fintech Festival on 10-11 November at The Brewery, London. Engage in insightful discussions on the latest trends and opportunities shaping the future of fintech. Don’t miss this chance to connect with industry leaders and explore the innovations driving change in financial technology.
