Welcome
The impact that the Open Banking movement is having on the way that products and services are being con- sumed across the world is undeniable. This month’s special edition of Metrics Monthly focusses on the rise of Open Banking, how is it evolving globally and the possibilities available as a result. You may remember that our January issue of Metrics Monthly looked at how Open Banking regulations are evolv- ing across the world, and this issue we’ve taken it a step further to bring you updates on the latest global Open Banking developments. We’re dedicat- ing a whole issue to the subject, includ- ing news, articles, and opinion pieces about the global movement that is transforming the industry. Our headline piece this month asks ‘have you got a crystal ball?’ as we contemplate how lenders might be able to make lending decisions without the ability to see into an applicant’s future. Head of Operations, Paul Brown, dis- cusses the fundamental differences between creditworthiness and afforda- bility, before considering 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. On page 13 you can find out more about our own Open Banking platform, OpenBankVision, and how the revolu- tionary software might be able to help you make better lending decisions. This month’s case study looks at how responsible lender Elevate has seen an uptake in applications since imple- menting our OBV platform. Elevate were initially cautious about introducing the new technology involved in Open Banking, but were really pleased with the uptake and performance of the tool. You can read more about why Elevate implemented the platform here. With new legislation and emerging industry standards developing daily, there’s no doubt that the Open Banking movement is changing the face of the credit industry. We couldn’t think of better topic for this special edition of Metrics Monthly than Open Banking and we hope you enjoy it.
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