Admiral picks Credit Kudos to provide Open Banking data for its lending arm

Admiral Financial Services, part of the Admiral Group, has signed up credit referencing and open banking fintech Credit Kudos to boost its credit decisioning process.

The partnership will start initially with Credit Kudos helping with the income verification of customers looking to apply for personal loans, and over time this tie-up may develop to include affordability and risk.

“By taking advantage of this technology, AFSL [Admiral Financial Services Limited] is firmly positioning itself as a pioneer in innovation and lending,” said Freddy Kelly, CEO and co-founder of Credit Kudos.

“Their customers who are searching for new loans—including the traditionally underserved—will soon be able to source new product offers by securely sharing data from their bank account.”

When a customer looks to apply for an Admiral loan, for instance, they’ll now be presented with the option of sharing their financial data securely as part of the application. Credit Kudos will aggregate and analyse this data in order to provide Admiral with insights on the person, including income verification.

“Automatically assessing income in the wake of the pandemic caused difficulties for many lenders,” said Scott Cargill, CEO of Admiral Financial Services.

“Through this data-driven partnership with Credit Kudos, we are now able to more quickly and more reliably assess income allowing us to responsibly increase lending volumes.”

Cargill added that the increasing use of open banking data in the future “will allow us to offer new, revolutionary products, and ensure we can be more responsive to our customers’ needs and quickly adapt to meet them.”