Posts by Adrian Davies
Improving outcomes for vulnerable borrowers
In 2025 lenders using NestEgg’s platform will prevent £250 million of financial harm affecting the top 20% most deprived areas. This is possible due to NestEgg’s win at the FinTech Scotland’s Consumer Duty Challenge. The challenge has accelerated NestEgg’s Machine Learning so we can better identify vulnerable borrowers, and, of course, act on those findings.…
Read MoreCombining data for better loan decisions
Combining data from Open Banking, Credit Bureau and other data sources ensures broader, more accurate affordability assessment. Open Banking on its own can lead to an increased decline rate, even though credit risk might be reasonable. For example, an applicant with a bounced Direct Debit or Standing Order might be viewed as being more likely to…
Read MoreHow Open Banking speeds up the loan application process
Applying for a loan should be straightforward, but sometimes gathering and submitting paperwork adds unnecessary stress and delays. Lenders are legally required to make sure your loan is affordable. To do this they will want to check your income and expenditure. Traditionally this has meant sending in paper bank statements. Open Banking is a secure…
Read MoreHow open banking keeps your data safe
In today’s digital world, convenience is important. That’s exactly what Open Banking offers. It lets you securely share your financial information with trusted and regulated providers, making tasks like applying for a loan easier and quicker. However, convenience often raises questions and concerns about safety, security, and privacy. Understanding open banking Open Banking allows you…
Read MoreAPR explained
If you’ve ever applied for a loan or credit card, you’ll have come across the term “APR.” It is a term that confuses many people. But what exactly does it mean? NestEgg cuts the jargon, and explains why higher rates aren’t always as expensive as they seem. What is APR? APR stands for Annual Percentage…
Read MoreNestEgg joins the Financial Regulation Innovation Lab Consumer Duty Challenge
We’re thrilled to be part of the Financial Regulation Innovation Lab’s Consumer Duty Challenge. On 5 November, we joined other participants, industry partners, and experts in Glasgow to explore innovative solutions to address issues affecting both large and small financial institutions. The shared focus and fresh approaches revealed during the event were inspiring, providing valuable…
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