Metrics Monthly | September 2019 | UK Edition

Open Banking effectively forces banks to share their line-by-line detailed cus- tomer statement data with third parties, known in the industry as Account Infor- mation Service Providers (AISP) who are appointed and regulated by the Financial Conduct Authority. And busi- nesses can access this 100% accurate data via AISPs such as LendingMetrics. So, with a borrower’s permission, and using an AISP, you can gain access to months of client transactions in milli- seconds. Read-only data comes direct- ly from the bank that holds a current account to the AISP and to you, so the chances of fraud are drastically cut. Someone applies to gamble, agrees to limited timeframe and read-only access to their accounts, and thousands of lines of transactions can be analysed by computer. In an instant, this can pull out salary details and all financial com- mitments, to be then tested by algo- rithm to determine whether you should be allowing this individual to gamble. It is all done automatically and there is no need to run additional checks, such as AML or PEP.

For the first time you can make an affordability assessment that is extremely accurate. Gambling that really should not be okayed because of credit, affordability or potential fraud issues, is far less likely to be allowed. The technology can pick up on things that would otherwise be overlooked: spending patterns that if continued would lead to budgeting problems, such as spending that indicates gambling with multiple companies. And it picks up simultaneous or near-simultaneous gambling. All this is done digitally and, as men- tioned, in milliseconds. No more labo- rious supplying of paper ‘proofs’, no manual assessment. It is all automated. I would like to say that all gambling companies are embracing this feature of Open Banking and that their clients now benefit from products offered by AISPs such as ADP and OpenBankVi- sion. But we are not quite there yet: old habits die hard. Although the costs are minimal, many are still wedded to out- dated credit checking procedures.

However, the force of regulatory legis- lation is not going to let up, nor, more importantly are the financial penalties for failure to safeguard the consumer. Gambling operators may soon find that the costs of not embracing such tech- nology are far greater than they bar- gained for. OpenBankVision OpenBankVision by LendingMet- rics is an award-winning and bank statement data platform, based on decades of combined experience in the field. Our OBV platform provides fully categorised bank statement data absolutely free, with no limits and no contractual minimums. No catch, no commitment, just “FREE FOREVER” To find out how you can access up to 90 days of bank statement data for absolutely free, email us at:

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