George Dunning, Co-Founder & Chief Operating Officer at Bud, talks us through the challenges facing would-be-borrowers and how open banking can help to empower the financially underserved in society.
Utilising transactional data to better meet the needs of borrowers is at the heart of Bud’s mission. By assessing a wider scope of borrower data, they are able to identify potentially credit worthy consumers who would otherwise been denied access to credit under traditional assessment methods.
Open banking is at the core of what Bud does but, as George says, the data is just the start of it. Painting a clearer picture of a borrower’s financial health ultimately tells you what sort of person they are, allowing for an enhanced and personalised lending journey for a much wider consumer base.
Listen to the full interview below to learn more about the possibilities open banking innovation can provide: