Open Banking and Financial Inclusion
On Wednesday 26th July, NestEgg co-founder, Adrian Davies, is speaking at the World Credit Union Conference in Vancouver. The topic is how Open Banking promotes financial inclusion. The UK is ahead of almost all other countries with open banking. NestEgg decision engine clients have been using these data to support lending decisions for more than…
Read MoreBringing together open banking and credit data
NestEgg is bringing together open banking and credit data. To help us we’ve secured a grant from Innovate UK’s Transformative Technologies competition. As a result, we’ll be developing new features, combining open banking and credit data for rounder, more complete affordability decisions. It’s hard to get a fair priced loan People who’ve been through a…
Read MoreLoan applications by credit profile
Last week we looked at how smaller loans aren’t always high risk, now we’ll examine loan applications by credit profile. Table 1 shows results from 50,000 applications to community credit unions in Great Britain (GB), sorted by credit rating. Table 2 shows 5,000 applications to community credit unions in Northern Ireland (NI). Applications by credit profile…
Read MoreSmaller loans aren’t always high risk
Credit unions take note: smaller loans aren’t always high risk. Nor are they always for people who are out of work. For this analysis, we looked at the last six months’ of data from over £500m + of loans assessed by NestEgg’s decision engine. Firstly, one third of all loans to community credit unions came…
Read MoreCredit unions and the Consumer Duty
The new FCA Consumer Duty requires a shift in practice by many lenders. Mutuals, including credit unions, on the other hand have a head start. Their commitment to member service rather than consumer sales means it is easier to meet the overriding objective of the Duty; to deliver good outcomes for members. Furthermore, credit unions…
Read MoreCredit unions improve credit scores
Credit unions improve credit scores That’s just one finding of many, as NestEgg hits a new milestone; £500,000,000 of loans assessed! Our decision engine is now processing one in every four credit union loans. That’s roughly one per minute. These data reveal new lending insights that we’ll be sharing over the coming weeks. Some insights…
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