Financial Inclusion
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 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 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…
Read MoreNestEgg is a semi-finalist in the Rapid Recovery Challenge
We’re delighted to announce that NestEgg is a semi-finalist in the Rapid Recovery Challenge. Challenge participants are improving access to jobs and money, focusing on those hardest hit by the economic shock resulting from COVID-19. About our solution NestEgg’s financial health app makes it easy for low-income workers to access affordable credit. Moreover, it encourages…
Read MoreDecline to accept
Credit unions save low income borrowers, in Great Britain, £120m in excess interest every year. NestEgg users generate a ‘social dividend’ of £200 saved interest, each working hour. However, 40% of loans are declined. As a result, every year 100,000 vulnerable applicants are turned away by affordable credit providers. Research into declined pay day loan…
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