LendInvest and Credit Kudos have joined forces to offer brokers and customers a “seamless, more secure service”, as well as enabling LendInvest to make more informed lending decisions through Open Banking insights.
LendInvest selected Credit Kudos to speed up its time-to-decision with a smoother customer journey, and to enhance affordability and credit risk assessments using Open Banking-enabled risk insights.
Unlike traditional credit assessments, Credit Kudos uses Open Banking data to provide lenders with a holistic, up-to-date view of an individual or business’ current financial situation. Leveraging both bank transaction data and loan outcome data, it produces insights to help lenders make more informed credit decisions.
Credit Kudos’ technologies remove the need to manually upload documents and allow lenders to automate more of the underwriting assessment process. LendInvest has already seen a 50% reduction in assessment times.
Open Banking insights are also helping LendInvest open up its offerings to a wider audience to support those it couldn’t previously serve, such as self-employed and sole traders who may not have conventional income patterns. This has also already delivered a 26 percentage point increase in Open Banking conversion rates since going live in February.
Credit Kudos’ technology is fully integrated within LendInvest’s application process for buy-to-let mortgages. It will be rolled out and integrated within additional services in the near future.
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.”
Freddy Kelly, Credit Kudos’ founder and CEO, added: “Like LendInvest, we are committed to making credit applications smoother and fairer for both the lender and applicant, so this partnership is a natural fit.
“Open Banking technology is transformative for lenders who want to make smarter and faster decisions to better serve their customers. 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.”