2023 Roundup: Open banking flips the traditional lending game

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Open Banking-led Transformation of Traditional Lending In 2023, a wave of innovation swept through the lending industry, thanks to several key players in Open Banking taking a stab at reimagining how traditional lending works. Before exploring Open Banking’s role in transforming lending, let’s recap our journey. Previous blogs covered the Top 20 Big Moments in Open Banking, showcasing key developments, the revolution in A2A payments enhancing payment efficiency and security, and Open Banking’s role in reinventing mortgage processes.So, what’s up with lending lately? Gone are the days when your chance at a loan rested solely on a credit score that seemed more like a magic number than a real reflection of your financial life. You know the drill – traditional lenders pull up that score, and if it’s not up to snuff because of past mistakes, limited history, or it just doesn’t capture your true financial health, you’re out of luck—no loan for you, or at least not one with favourable terms.But here’s how Open Banking transforms the lending game. It’s like that friend who actually takes the time to get to know you rather than just judging you based on your past. With Open Banking, lenders can take a deep dive […]

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