Why you can't afford to ignore Open Banking. A voice of customer interview with fintech lender Fintern.
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In this voice of customer interview, Equifax’s Emma Steeley interviews the CEO and Co-Founder of Fintern about why you can’t afford to ignore Open Banking. As a new fintech lender, Fintern have built Open Banking as a default into their credit application process and during this interview we discover:
Why Fintern decided to use Open Banking data from the outset
How they overcame initial concerns of using Open Banking data
The benefits of combining this data set with traditional credit scores
How they achieved arrears rates 75% below the market-implied arrears rates