In a rapidly evolving landscape of financial technology, open banking has been reshaping the way lenders assess new customers - as it provides  additional data points, making it a fairer, more accurate way to assess affordability.  

At the heart of this lies the ability to access banking data and comprehensive coverage of UK banks. 
Equifax currently has connections to 98% of UK accounts and we regularly update the list of banks and account providers our clients can connect with.

We've recently added new open banking integrations, with one of the fastest growing consumer banks in the UK, Chase Bank,which will add access to 1.6 million UK Customer bank accounts in the UK. HSBC Net, formerly known as Silicon Valley Bank has also been added to our list of available banks, further widening our commercial coverage.

But we’re not stopping there. We’re working on integrations with Metro and Co-op banks which are both likely to be ready early in 2024. We’ll also be working on new connections to Wise and American Express too. 

We’ve been working to provide maximum availability of our Open Banking APIs too - in 3 out of the last 4 months, we’re delighted to report 100% availability.

But why do we obsess over offering the most comprehensive UK Bank Coverage in Open Banking and why should our clients care about this? We believe robust and reliable coverage of UK banks is indispensable for lenders leveraging open banking for the following reasons:

1. Enhanced Credit Decisions
   One of the primary advantages of open banking for lenders is the ability to access a wealth of financial data about potential borrowers. However, this advantage is only fully realised when there is comprehensive coverage of UK banks. A broader dataset allows lenders to make more informed credit decisions by gaining a holistic view of an individual's financial health. With a diverse array of financial institutions included in the data pool, lenders can better assess risk, leading to more accurate and fair credit decisions.
2. Improved Customer Experience
   For lenders looking to enhance customer experience, a wide coverage of UK banks is paramount. Open banking allows borrowers to share their financial data securely, eliminating the need for cumbersome paperwork and manual verification processes. Customers often have accounts with different providers to take advantage of perks. A comprehensive coverage ensures that borrowers from various banks can seamlessly participate in the open banking ecosystem, streamlining the lending process and creating a more user-friendly experience.
3. Competitive Advantage
   In a highly competitive lending landscape, having access to a comprehensive dataset gives lenders a significant edge. Those with a broader coverage of UK banks can offer more inclusive and attractive financial products, drawing in a larger customer base. This not only helps in acquiring new customers but also in retaining existing ones by providing better-tailored services based on a deeper understanding of their financial profiles.

Good and consistent coverage of UK banks is essential for any organisation utilising open banking.
As more companies embrace the potential of open banking, the importance of comprehensive and consistent coverage will only grow, shaping a more efficient and customer-centric lending ecosystem.

You can see a live list of our Open Banking API connections and the current level of service being offered by each bank visit our Status Page.

If you’d like any more information about our Open Banking APIs contact your Account Manager or get in touch with me directly via brad.davies@equifax.com