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Metrics M onthly August 2020 | UK EDITION In this issue METRICS MONTHLY TURNS ONE
To celebrate we’re looking back at some of the most insightful headline pieces from the past 12 months
In this issue Welcome Page 03
In the news Page 04
Spotlight on affordability Page 06
Metrics Monthly turns one Page 08
Case study - AU Page 10
Will more awards be on the cards? Page 12
Open Banking in a pandemic Page 14
OpenBankVision Page 15 OpenBankVision Categorised bank statement data View transactions in real-time 100% free, forever Case study - UK Page 16
02 | Metrics Monthly OpenBankVision (OBV) by LendingMetrics is an award-winning and fully categorised bank statement data platform, based on decades of combined experience in the field. Our OBV platform provides categorised bank statement data, absolutely free, with no limits
August 2020 | UK Edition
Welcome
Welcome to the return of Metrics Monthly! Following the COVID-19 lock- down, Metrics Monthly was - like many people across the industry - furloughed for a few months, but is now back with a brand new edition filled with industry news, company highlights and special- ist thinkpieces. After a successful few months of the LendingMetrics team working remote- ly, we are gradually returning to nor- mality with a very limited number of the team returning to the office follow - ing an in-depth risk assessment and employee health evaluation. Luckily, our business continuity plans were well prepared, so LendingMetrics was able to commence remote working earlier than most, meaning staff were able to operate well on our secure network and deliver business as usual to all of our customers during the lockdown period. As well as recognising the successful operation of the company during the past few months, we are celebrating Metrics Monthly turning one year old by looking back at some of our most
insightful headline pieces from the past 12 months. You can read about our top three articles on page 8. A new addition to the team sees our knowledge of the gaming sector expand rapidly, and you can read Gaming Sector Business Development Manager Peter Higgins’ thoughts on the constantly changing online gambling regulations here. With the impact of the pandemic on personal finances appearing evermore severe, we’re looking at how Open Banking may be able to help on page 14. With over 4 million people request- ing emergency payment freezes and 9 million being asked to take temporary leave, Open Banking is more prevalent than ever as it can enable lenders to receive up-to-date information about their customers’ circumstances and, as a result, better assist the financially vulnerable. If you haven’t subscribed to Metrics Monthly yet, make sure you head to our website to sign up and receive monthly editions straight to your inbox.
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Metrics Monthly | 03
In the news FCA bans car finance commission
From January 2021, car finance com - mission based on the interest rate that customers pay on their car loans will be banned by the Financial Conduct Authority. The FCA says that banning the wide- spread use of this commission will remove the financial incentive for brokers to increase interest rates for their customers, potentially saving motorists around £165million per year. Around 9 in 10 new cars are bought on finance in the UK and the decision follows a consultation held in October 2019.
FCA’s Interim Chief Executive Chris- topher Woolard said: ‘by banning this type of commission, where brokers are rewarded for charging consumers higher rates, we will increase competi- tion and protect consumers.’ A warm LendingMetrics welcome LendingMetrics is excited to announce the appointment of dedicated Gaming Sector Business De-
velopment Manager Peter Higgins LendingMetrics’ products have been widely used within the online gam- bling industry, and with the growing number of new clients within this sector, we have appointed a dedicated Gaming Sector Business Development Manager. Peter Higgins joined the team in July, and has already hit the ground running. He has over 30 years’ experience in the industry and his knowledge of the sector allows LendingMetrics to further tailor its multi-award-winning products in order to offer the best service possible to companies within the online gambling industry. Alongside his wealth of experience, Peter brings to the team a new per-
spective on online gambling regula- tions, including his thoughts on the recently published report by the House of Lords Select Committee on the Social and Economic Impact of the Gambling Industry, which you can read on page 6. Head of Operations Paul Brown com- mented on the appointment: “We’re
really pleased to welcome Peter to the team, and look forward to seeing him apply his knowledge and experience of the online gambling industry to Lend- ingMetrics’ products.” Click on the profile below to connect with Peter on Linkedin and get in touch with him if you want to find out more about LendingMetrics’ products.
Gaming Sector Business Development Manager Peter Higgins
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August 2020 | UK Edition
The ‘polo mint’ effect: an unexpected side effect of remote working A recent survey has suggest- ed that the trend for working at home could revive the local high street but cause what is being known as the ‘polo mint’ effect. The survey, by the Royal Insti- tution of Chartered Surveyors, found that 93% of members saw businesses scaling back their office space in the next two years. This move away from urban hubs could prompt a hol- lowing out of city centers - AKA the ‘polo mint’ effect. The rise in home working due to the COVID-19 pandemic has resulted in local shop hubs ben- efiting but offices and shops in city centres left struggling. Three-quarters of those sur- veyed said that they believed the market was in a downturn. Head of UK government rela- tions for RICS, Hew Edgar says that this effect could be utilised to free up property for housing: “It’s quite clear the pandemic is going to result in more space becoming available. One of the obvious answers to that is to begin... to think about address- ing the housing crisis that we have through use of some of this space.”
Stamp Duty threshold increase likely to drive growth in the property sector
Following the Chancellor of the Exchequer’s announcement on 8 th July that the stamp duty threshold had been raised to £500,000, the property industry have reacted with enthusi- asim and positivity after concerns that the COVID-19 lockdown would nega- tively effect the sector. Chancellor Rishi Sunak announced a package of measures that aim to make people feel more confident in buying or selling property, including the temporary change to stamp duty, meaning buyers will pay no stamp duty on the first £500,000 when they move home until the 31 st March 2021. This means that nearly 9 our of 10 people getting onto or moving up on the prop- erty ladder will pay no stamp duty at all. The announcement has since been met with positivity from the sector, with mortgage lenders praising the effort to stimulate the industry. Chief Executive at NAEA Propertymark Mark Hayward said: “These measures will enable people looking to buy a home to have the confidence and stability to be able to move forward with their purchase,
which in turn will have a knock on effect on the wider economy as people buy white goods and furniture.” Capital Markets and Digital Director at Kensington Mortgages Alex Maddox commented: “We anticipate the recent- ly announced temporary stamp duty changes will help to kickstart the housing market and increase demand for mortgage products that are tailored and suited to individual’s needs.” Some industry experts, however, are concerned that the stamp duty change is not a perfect solution, with a lack of mortgage products in the market resulting in deposit levels rising. “In our view, it’ll drive a surge in demand, but it’s more than likely going to support people to buy bigger than helping those who are struggling to get onto the prop- erty ladder”, says Twenty7Tec Sales Director Phil Bailey. Regardless, the temporary stamp duty change is the first step in ensuring the housing market stays afloat, after a difficult few months when the industry saw the highest levels of uncertainty for generations.
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Metrics Monthly | 05
Spotlight on affordability
Affordability focus intensifies following House of Lords Select Committee report Peter Higgins, Gaming Sector Business Development Manager at LendingMetrics, discusses the recent report by the House of Lords Select Committee and the spotlight it shines on affordability.
The House of Lords Select Committee on the Social and Economic Impact of the Gambling Industry recently pro- duced its long-awaited report, marking the conclusion of its inquiry into the social and economic impact of the gam- bling industry. It was the third major report on the UK’s gambling industry in the space of three weeks and DCMS, UK Gambling Commission and Gam - bling Operators all received criticism in various guises. Affordability featured prominently throughout the report. Whatever the ulti- mate legislative outcomes, this report is likely to be given serious weight during the anticipated forthcoming govern- ment review of the Gambling Act 2005.
At LendingMetrics, we know that affordability plays an essential part in understanding the net amount a cus- tomer can afford to spend. We have integrated data feeds from an array of sources to currently enable over 200 business to run automated affordabili- ty decisions based on each company’s own preferred affordability decisioning criteria. We have worked alongside our custom- ers to help build their affordability rules to enable an automated led decision in seconds as opposed to a manual review of bank statements and other data which can take hours. Our Auto Decision Platform (ADP) has revolution- ised the industry, allowing our clients to build, edit and deploy their own
Commenting on the Select Committee’s
report and with specific reference to affordability, Neil McArthur (Chief Executive of the Gambling Commission) has said: In the weeks ahead, we will be publishing plans to remove potentially addic- tive features in games, further improve customer interaction and strengthen affordability checks.
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August 2020 | UK Edition
decision strategy in real time. What’s more, the automated process can also work alongside manual reviews where required. Linked customer betting data can be integrated with the affordabili- ty decisioning, along with responsible gambling related triggers such as bet frequency and unusual betting spend or volumes. Whilst the regulatory requirements being placed on operators are becom- ing more stringent, if past experience is anything to go by in other sectors, this phase of new regulation will simply be the first of many. Over time, regula - tors look at how effective their meas- ures have been and how operators have either complied with or “worked around” the rules. As was the case in the PayDay lending market, the regula- tions were revised and tightened many times over several years. In such a fluid environment it is important for oper- ators to be able to evolve and adapt quickly and seamlessly to new regula- tory requirements. Providers are rushing to market with
novel solutions to individual operator challenges, however the truth is, no one data source, affordability score or KYC check will be sufficient in isolation, they need to be orchestrated as part of a joined-up approach. We would even go so far as to say that some of the solu- tions have yet to be created, not least because the first phase of regulations are yet to be fully defined. That is why having an openly connected multi-dis- cipline decisioning platform capable of pulling data from multiple sources now and in the future, is the only true basis upon which to build a solid foun- dation for regulatory compliance over the coming years. ADP delivers exactly that. We can assist with these operational and regulatory challenges so you can focus on managing the core compo- nents of your business. With decades of credit lending experi- ence and an in-depth understanding of the gambling industry, LendingMetrics are able to support you with regulato- ry requirements whilst still maintaining
your business model. If you are a gam- bling operator and are trialling various affordability possibilities, are wanting to discuss how best to approach afforda- bility or have yet to automate your affordability process, then get in touch with us today on +44 (0) 2394 211010 or email sales@lendingmetrics.com. The full report can be viewed here.
Above: LendingMetrics Gaming Sector Business Development Manager Peter Higgins
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Metrics Monthly | 07
Metrics Monthly turns one This month Metrics Monthly turns one year old and to celebrate we’re looking back at our top three favourite headline pieces from the past twelve months #3 Tap and go loans?
#2 Shiraz and Wagyu Beef Our January issue’s headline piece was about the impact of a loan affordability case - nicknamed the ‘Shiraz and Wagyu’ case - on UK lenders. CEO David Wylie dis- cussed how the case showed us that affordability was not clear cut, and that there are many other parts to consider and data sources to interrogate. David Wylie considers the impact of the recent “Shiraz and Wagyu case” on UK lenders. I’ll bet that’s a headline you never thought you would see. But believe it or not, this is a serious matter which lenders and regulators need to start considering when planning their affordability policy. In August, a loan affordability case - now dubbed the “Shiraz and Wagyu
The first of our top three articles is a thinkpiece by credit risk pro- fessional Andrew Tierney, who considers the potential for ‘tap and go’ loans as Open Banking opens up a new era of ultra-fast loan decisioning. Open Banking opens up a new era of ultra-fast and simple loan deci- sioning, says Andrew Tierney. We are all used to going into a store and using our mobile ‘phone to pay for purchases. ‘Tap and go’ has revolutionised our shop- ping experience. No more fiddling around with card readers and PIN numbers, or worse still dollars and cents, when all you have to do is wave your ‘phone. Transac- tions now take seconds instead of minutes. Who would have thought a few years back that by 2019 you’d be able to leave all your cash and your cards at home and go shop- ping with just your mobile phone?
case” - was heard in the Federal Court in Australia, brought by ASIC (the equivalent of the FCA in the UK) against Westpac of Australia, one of the country’s “big four” banks. ASIC alleged that Westpac breached responsible lending laws when assessing the suitability of 261,987 home loans for customers between December 2011 and March 2015, using its computer-operated loan approval system. They also claimed that Westpac relied solely on an expenses benchmark and did not take proper account of the custom- ers’ declared living expenses.
Read the full article in our January issue here.
For the full article, head over to our August issue by clicking here.
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August 2020 | UK Edition
#1 Have you got a crystal ball? Our February issue saw Head of Operations Paul Brown contemplate how lenders might be able to make lending decisions without the ability to see into an applicant’s future. The article discussed the fundamental differences between creditworthi- ness and affordability, before con- sidering how lenders might be able to paint the best picture of their applicants in order to accurately determine whether they will be able to pay back a loan. Creditworthiness and affordability: what exactly is the difference and how can OpenBankVision help companies make better credit decisions? To answer this question, it is first important to understand the differ- ence between creditworthiness and affordability. The FCA classify these as two very separate things. Creditworthiness is defined as a consumer’s ability to make repayments as they fall due (or within a reasonable period in the case of open-ended credit such as over- drafts or credit cards). However, it’s down to the lender to decide how to check this, and they must make a rea- sonable assessment based on each
individual case. Many companies have focussed on creditworthiness as, unsurprisingly, they want to try to ensure that they regain the money they have lent. Affordability, on the other hand, focusses on whether the consum-
er can actually afford to take out the loan in the long run. But does this mean that the lender needs to be able to see into the consumer’s future?
Click here to view the full article in our February issue of Metrics Monthly.
We hope you’ve enjoyed reading Metrics Monthly over the past year and look forward to bringing you more valuable insights, industry news and company highlights in future issues.
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Metrics Monthly | 09
Case study - AU Our first case study of this issue is about how Ausloans increase their speed and accuracy of decisioning with ADP
FinTech company, Ausloans work hard to continually improve their systems, enabling them to maintain a high level of system support to their large network of partners and dealerships nationwide. Choosing LendingMetrics Ausloans were seeking a solution capable of utilising artificial intelli - gence in their decisioning process, and wanted a platform that could handle a complex and multi-faceted methodol- ogy. They also needed a solution that would deliver the unique logic required across a multi-lender portfolio. ADP was the clear contender to meet these
requirements, as it delivers comprehen- sive automated decisions across multi- ple brands and lending models. Having established solid relationships with various lenders and brokers, Aus- loans wanted to bring together all their acquired knowledge from across indus- try and to be able to orchestrate this into their decision engines. They needed a powerful decisioning solution to utilise this knowledge, and ADP’s ability to create complex, power- ful policies fulfilled these requirements for Ausloans.
Ausloans Finance Group entered the market in 2009 and has since grown to 3 brands. They offer their partner brokers and dealerships a holistic approach to financing, with an extensive support structure and a fair business model. Ausloans’ position as one of Austral- ia’s leading Asset Finance aggregators has been established through continu- al improvement in technology, support and transparency. As a cutting-edge
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August 2020 | UK Edition
Approach Ausloans’ project was highly analytical and due to the nature of their business, involved a broad range of stakeholders, so the implementation process needed to be as straightforward as possible. LendingMetrics were very supportive during this process and provided con- sultation across regular meetings. Ausloans are now utilising one of the key USPs of ADP: using the engine editor to autonomously make changes to their decision engines without the need to engage with LendingMetrics for assistance. The company had a dif- ferent approach to traditional projects, in that they focused on going live with their personal customers first, followed by the end consumer, and then the final phase of commercial lending. By fully understanding this approach, Lending- Metrics were able to provide appropri- ate support to Ausloans throughout the process.
Result Ausloans have seen a huge increase in the speed and accuracy of their deci- sioning since implementing ADP. The ability to manage changes to their deci- sion engine logic quickly and easily has benefited them greatly, and they are able to confidently respond to their cus - tomers’ requests. The ability to build, edit and maintain their decision engines has proved most valuable and Ausloans particularly favour the fact that they do not need technical or IT qualified personnel to make adjustments.
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We’re really grateful that we onboarded ADP and I’m confident that, looking at the bigger picture, ADP will enable us to do more for our customers. Rodney Michail Managing Director at Ausloans
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Metrics Monthly | 11
Will more awards be on the cards? LendingMetrics have been named finalists in numerous credit awards categories, including for the prestigious Credit Awards
and put customers at the heart of the industry by helping them find the best credit providers in the UK. Their mission is to increase trust and transparency in the industry by delivering the only credit awards voted for by consumers, and ‘not industry experts’. The 2019 awards saw over 27,000 cus- tomers vote for the best providers in a range of categories. We were thrilled to win ‘Innovation of the Year (Partner)’ at the 2019 awards and we were pleased to know our customers considered our products the most innovative in the industry. This year, as finalists in the Technolo - gy Partner of the Year category, we’re hopeful that the positive feedback we receive from clients on a daily basis will translate to the awards. Head of Operations Paul Brown commented: “We really value our partnerships as a company, and it’s great to see that our team’s hard work with our partners is being recognised. We wish the best of luck to all nominees!”
Above: LendingMetrics CEO David Wylie and Head Of Sales Claire Januszczak receive the award for ‘Innovation of the Year (Partner)’ at the 2019 Consumer Credit Awards
Awards season is in full swing and LendingMetrics have been announced as finalists for three big awards events. The first of these was announced in June, with LendingMetrics being chosen as finalists for two awards at this year’s Credit Excellence Awards . We were announced as finalists for both ‘Best Use of Technology’ and ‘Risk Data and Fraud Prevention’. The awards are were a great way to showcase some of the leading businesses in credit and show that, despite the difficult circumstanc - es we all find ourselves in, companies like LendingMetrics are able to contin- ue to provide excellent services and ground-breaking technology solutions. You may have seen some of our clients voting for us for the Consumer Credit Awards, for which we are finalists for the Technology Partner of the Year cat- egory. The Consumer Credit Awards
run by Smart Money People, the UK’s review and insight platform for financial service, puts customers first and aims to find the best credit providers in the UK. The Awards were formed in 2017
Above: LendingMetrics Head Of Sales Claire Januszczak and Business Development Manager Steve Beard receive the award for ‘Best Credit Information Provider’ at the 2019 Lending Awards
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August 2020 | UK Edition
Last but not least, LendingMetrics have been named as finalists for five different accolades at Credit Strategy’s Credit Awards. LendingMetrics previously won the award for ‘Best Use of Technol - ogy - Supplier’ at the 2018 event. The categories that LendingMetrics are frontrunners in are: • Best Tech Provider – Credit Risk • Credit Information Provider of the Year • Excellence in Open Banking – Service Provider
In addition, LendingMetrics are final - ists in two joint entry categories with partner Omni Capital. These are: • Best Outsourcing and Partnership Initiative – Onboarding and Custom- er Engagement • Best Use of Technology – Partnerships The Credit Awards will be hosted by comedian Sean Lock at a December event in London. Considered to be the flagship awards in credit and financial services, the event aims to recognise
and reward innovation, best practice, and the hard work of business divisions. The event is sponsored by Experian and will provide a great opportunity to meet with a range of likeminded profession- als. Over thirty judges from across the industry will choose the winners for each category, helping to celebrate the outstanding achievements across the credit and finance community. With several award wins potentially on the cards, we’re keeping our fingers crossed ahead of the upcoming events .
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Metrics Monthly | 13
Open Banking in a pandemic With the impact of the COVID-19 crisis on personal finances appearing evermore severe, we look at how Open Banking may be able to help
The impact of the COVID-19 pandem- ic on the personal finances of people across the world has been unsurpris- ingly dire, and this is no different in the UK. More than 4 million people have requested emergency payment freezes, such as mortgage ‘holidays’, and 9 million workers have been asked to go on temporary leave. Data sharing via Open Banking has become essen- tial in giving potential lenders accu- rate, up-to-date information about a customers’ circumstances, enabling them to better assist the financially vulnerable. The UK was already considered to be leading the way in Open Banking, after the Open Banking Standard was imple- mented in January 2018. Since the country-wide lockdown was implement- ed in March, existing trends towards electronic payments - such as con- tactless payments - have accelerated, and the regulations that govern these transactions have been brought into the spotlight as a result. Maha El Dimachki,
head of payments for the FCA, believes it is unlikely that this acceleration will diminish as we return to normality or that we will return to pre-COVID-19 payment methods. ‘It is also a situa- tion that has seen the importance of a strong, resilient payments infrastruc- ture and landscape working well for the economy in a seamless way’, said El Dimachki. Open Banking requires financial insti - tutions to share anonymised user data with approved third-parties in order to promote healthy competition and improve the customer experience. This has allowed lenders to help consumers and businesses during the crisis, for example with facilitating evidencing revenues for self-employed people. Head of Product at Equifax UK, Robert McKechnie, said that the next few months will see many suffering from income shocks and falling into arrears. ‘During this period, Open Banking, and its use of up-to-date bank transaction
data, will be integral in giving lenders an extremely accurate and detailed picture of a consumer’s finances’, he said. By gaining access to accurate data, service providers can make better lending decisions, particularly regarding affordability, and can identify financial - ly vulnerable people in order to provide assistance where most needed. LendingMetrics’ own Open Banking product OpenBankVision (OBV) pro- vides this data in real-time, allowing lenders to build an incredibly clear picture of a customer’s affordability with fully categorised bank statement data. See what a customer earns and spends, as they earn and spend it, as well as spot any troublesome habits such as repeated use of HCSTC. With the question of affordability continually in the spotlight, having access to accu- rate, up-to-date information is more important now than ever. To find out how OBV can benefit you or your business, contact us today.
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August 2020 | UK Edition
OpenBankVision
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Case study - UK Our UK-based case study is about how not-for-profit lender Fair For You appoint LendingMetrics to automate decisions Fair for You (FFY) is an award-winning, not-for-profit alternative to weekly payment stores. Consum - ers purchase items such as white goods and bedroom furniture directly from FFY suppliers by taking out a loan with them and repaying in flexible instalments. About
their plans to significantly grow their loan book. Fair For You had their own in house Credit Risk Officer who designed their decision engine using Call Credit’s core bureau products and also Lending- Metrics’ OpenBankVision (OBV) product to collect 90 days of bank statement data. Their aim was to design a deci- sion engine that could automate as many decisions as possible, delivering good quality leads into the underwriting team so that agent workflow could be driven by tasks from the ADP, based on the warning rules that have been hit and thus improve productivity.
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FFY state that applicants only pay what they can afford, when they can afford it and the faster they pay it off, the less they pay. FFY are a not-for-profit Com - munity Interest Company (CIC) and members of Social Enterprise UK. They state their product is supported and designed by the consumer and that they are using the power of business to bring about social change. Approach LendingMetrics were appointed by FFY to implement ADP to support FFY in
We were excited that this ADP appointment took us into yet another sphere of lending within the retail sector, with ADP now implemented across many different markets. - Neil Williams, CTO
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Following several calls between FFY and the LendingMetrics project man- agement team, and once the require- ments gathering phase had been com- pleted the implementation team took the lead. LendingMetrics took a total of 6 weeks to complete the seamless build of the decision engine in addition to a new Transunion component which was added to the platform, before passing FFY the finished ADP decision engine for acceptance testing. During the implementation phase FFY were also working with the LendingMet- rics analytics team to complete a free retro analysis on their LMX (Equifax) products to investigate the possible benefits of adopting a multi-bureau approach and discovering the possible uplift that such a move may provide. LendingMetrics are familiar with all aspects of automated decisioning and versed in multi bureau data sources, so they were perfectly placed to help FFY look at implementing a multi-bureau approach. They completed the analyt- ics of the Equifax retro, sharing their
findings and results and even designing a bespoke scorecard. FFY decided to complete the project in phases, initially implementing their decision engine exclusively with Tran- sunion data, which facilitated a faster ADP launch. Results FFY successfully launched and now have a decisioning model which is highly scaleable. ADP was delivered on time and within budget without any upfront fees from LendingMetrics, making the multi-award-winning plat- form a cost-effective solution without compromising on functionality. Summary FFY have successfully migrated to ADP with minimal business disruption and are now enjoying the benefits of real time credit risk decisioning. FFY and LendingMetrics are both looking forward to working together on phase 2 of the project and combining their skill sets.
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