Credit Kudos will use open banking to provide LendInvest with a comprehensive view of a customer’s financial health.
By using Credit Kudos’ open banking-powered insights, LendInvest can speed up its decisioning process, with underwriting times for an applicant’s financial history having been slashed to just five minutes.
Arman Tahmassebi, COO of LendInvest, said: “Getting rid of the manual documentation process has allowed us to offer a far faster and more convenient service. Although we have been using Open Banking for two years, this new partnership with a like-minded fintech has allowed us to take it to the next level and really reap the benefits of the technology.”
“The greater insights are empowering us to make better informed, faster lending decisions to more people. We have been particularly impressed with the seamless integration of Credit Kudos into our system - the new dashboard is highly intuitive and it's already helping us serve more customers.”
Now, when a customer applies for a buy-to-let mortgage with LendInvest, they’ll be asked to share financial data with Credit Kudos as part of the application. The fintech will then provide LendInvest with a holistic, up-to-date view of a person’s financial data, including bank transaction and loan outcome data.
“With our technology in place, lenders can automate the underwriting process and get a far more accurate picture of an applicant’s true financial position. It not only helps them lend responsibly but also opens up their service to underserved customers who may not have traditional income patterns, such as sole traders.”
The partnership has been live since February on LendInvest’s buy-to-let mortgages and will be rolled out across other services in the near future.
LendInvest recently secured a £500m investment from American banking giant JP Morgan to help fund its future mortgage originations, while Credit Kudos recently teamed up with Atom Bank to help the Durham-based lender better assess SME loan applications.