By Daniel Lanyon on Tuesday 28 September 2021
Yolt Technology Services (YTS) and Keebo have formed a strategic partnership to deploy ‘next generation’ credit cards.
Keebo has formed a strategic partnership with open banking provider Yolt Technology Services to use open banking data for its next-generation credit cards in the UK.
With consent, credit applicants can link their financial history through the Keebo app, which allows the underwriter to obtain a real-time snapshot into a borrower’s financial health, and analyse spending habits, savings, and investments, Keebo said a statement.
This enables customers to sign up faster and removes the need for Keebo to manually process unstructured data for underwriting and onboarding purposes. By using open banking functionality, the firm says, it will gain efficiency advantages for its underwriting processes and a better user experience for credit customers.
“We believe Keebo is a perfect example of Open Banking’s transformative impact on business efficiency, cost reduction and the front-end user experience, as well as improving financial inclusion.
“This partnership is all about maximising what open banking can do to deliver tangible benefits to Keebo’s business and the customers using their platform."
Matthew Hallett, Chief Technology Officer of Keebo added: “The consumer credit market has traditionally relied on outdated and biased credit risk models that exclude people with no or limited credit history. We believe that credit shouldn’t be one size fits all and open banking data allows us to offer credit based on our customers’ unique financial situation and behaviour.