Oakbrook Finance launches Open Banking lending solution

Thursday 12 November 2020 14:13 CET | News

UK lender Oakbrook Finance has returned a fully automated Open Banking lending decision via a third-party aggregator by teaming up with credit scorer and product marketplace ClearScore and data analytics provider AccountScore.

Oakbrook’s new venture offers customers a new application journey and pre-approved offers which reflect their personal circumstances without impacting their credit scores.

The aggregation play will be delivered through its Likely Loans go-to-market brand and represents the latest stage of an Open Banking strategy that has seen it make significant investments in  new technology, talent acquisition and building strategic partnerships.

This new venture will create a friction-free loan application journey for consumers. Where a customer has already consented to ClearScore using their Open Banking data for lending offers, this data will then be used to help assess their eligibility for a loan with Oakbrook.

Using AccountScore’s data capabilities and Oakbrook’s own proprietary O6K technology, Oakbrook can process the raw Open Banking data and traditional credit bureau data to return a personalised, pre-approved decision within seconds – giving the consumer greater confidence to apply.

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Keywords: Oakbrook Finance, Open Banking, lending aggregator, data, consent
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech