JN Bank UK launched its range of saving accounts and unsecured personal loans to the UK market in October 2020, and since July 2021 has been using Credit Kudos’ Open Banking insights to gain a more up-to-date understanding of the financial health of people applying for credit. This enabled the bank to assess an individual’s affordability with greater accuracy while continuing to lend responsibly.
The partnership comes as data from Credit Kudos’ Borrowing Index report shows that one in five borrowers were more likely to turn to forms of credit they would not have considered before the pandemic, including short-term or payday loans and unauthorised overdrafts. These findings highlight the importance of making affordable credit available to people, and Open Banking can support lenders like JN Bank UK to do this.
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