Open Banking Consumer Engagement Platform

Providing consumers with an intuitive, secure platform through which they can share financial information.

Better consumer insights for smarter credit decisions whilst building digital trust... are you Open Banking?

Open Banking is increasingly playing a key role in helping lenders to obtain accurate information on the financial situation of existing and potential consumers, providing insights into their transactions, financial resilience, creditworthiness and ability to afford repayments.

The need to innovate products and keep pace with competitors is driving the shift to Open Banking as well as improved customer awareness, which is healthy in the UK with nearly 7 in 10 consumers having heard of it when given a definition of the technology. We have partnered with Bud Financial Limited* to deliver an Open Banking Platform which makes it simpler than ever to onboard consumers in the digital age. With second-to-none analytical expertise and a cutting-edge platform, this puts the consumer at the heart of any decision and could help you to:

  • Differentiate and improve your customer experience
  • Identify creditworthy consumers to support financial inclusion
  • Obtain a holistic picture of income and expenditure, reducing the need for supplementary income and manual processing of documentation
  • Execute timely and informed decisions across the customer’s lifecycle
  • Reduce time managing multiple providers and focus entirely on your core activities

Once a user consents to the Open Banking process, insights gained can be used to determine creditworthiness and affordability, then you can make relevant offers that resonate with consumers and satisfy their current and future needs.

Outlining the new partnership between TransUnion and Bud and the exciting new solution for Open Banking

TransUnion and Bud Open Banking Services

Designed to deliver optimal Open Banking solutions

Optimal for banks, lenders and brokers alike, let us show you how the NEW Open Banking platform delivered in partnership with Bud can complement a standard credit journey and enhance your onboarding strategy by providing an alternative source of creditworthiness and affordability data when required, capabilities include:

  • Income verification
  • Affordability assessments
  • Affordability monitoring
  • Collections processes – identifying vulnerable customers and supporting those in arrears

Given the ongoing macroeconomic uncertainty is set to continue for the foreseeable future, and UK consumers are impacted to varying degrees. This disparity in consumers’ financial circumstance means any future-facing lending strategies should prioritise understanding of customer circumstance, resulting in a highly segmented and agile approach. Lenders are likely to need deeper consumer insights and robust customer management approaches more than ever.

Product Highlights

A powerful suite of data intelligence services consumed directly via API or via web dashboard.

Mobile optimised connection flow including app to app authentication

High platform coverage - covers 96.5% of current accounts in the UK including CMA9 and online-banks

Consumer consent capture

Robust financial data insight and categorisation

 

*TransUnion is an agent of Bud. Bud is a trading name of Bud Financial Limited who is authorised and regulated by the Financial Conduct Authority under registration number 793327 as a regulated Payment Services and Open Banking provider.

If you’re a consumer with questions or issues related to your personal credit report, drivers history report, disputes, fraud, identity theft, credit report freeze or credit monitoring services, please visit our Customer Enquiries page for assistance.

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