Beauty on Credit

Credit Kudos launches new open banking tool to speed up credit decisions

Digital bank

Bundling helps lenders reduce decision-making time and automate lending processes, reducing defaults and increasing acceptances.

Image Source: Angus Clacher / Analyst

Credit congratulations today launched Assembly.

The new launch will save lenders thousands of hours on manual underwriting, allowing them to automate policies, increase their loan portfolios and implement real-time decisions with little to no integration technical.

Lenders who have already adopted the new tool are Admiral and 247 Money.

“Our technology is transforming and modernizing the lending industry to benefit both credit providers and borrowers,” Angus Clacher, Product Manager at Well done to the credit, noted.

“Our latest solution – Assembly – helps credit providers scale by increasing their loan portfolio without increasing operating costs, while borrowers benefit from much faster decisions. We’re extremely excited about Assembly – it promises to revamp the lending process by giving credit providers the power of an entire data science team in one simple, online solution.

Bundling enables lenders to develop lending policies based on open banking data and Credit Kudos loan results, thereby helping to reduce defaults and increase acceptances.

“Assembly is going to be a real game-changer for us – allowing us to explore the customer data available in the rich Open Banking environment to better automate and accelerate our decision-making processes,” Nicholas Jones, Client Processing Manager at Admiral Financial Services , added.

“This will make us more operationally efficient by drastically reducing the time spent on manual processes, but also allow us to expand our services to more people with the more complete picture of affordability provided by the system. ”

Admiral Financial Services uses Assembly to further automate its underwriting process, while 247 Money uses it to serve its current population of underserved applicants.

Using Credit Kudos’ new tool, 247 Money discovered that the new process gave them the ability to instantly assess the risks of thousands of potential customers, most of whom have very limited information on their credit report.

Recently, Credit congratulations team up with Curve to help feed his “rival Klarna”, Curve Credit.

The partnership will see Kudos assess the affordability and creditworthiness of clients who request Curve Credit.

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