Open Banking and Financial Inclusion

man typing on laptop

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…

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Loan 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…

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Credit 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…

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Credit 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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NestEgg 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…

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Introducing Financial Health Indicators

NestEgg and Central Liverpool Credit Union are one of six finalists in the Affordable Credit Challenge. Together we are building Financial Health Indicators (FHIs) into NestEgg’s decision engine. Covering spending, borrowing and saving, FHIs are shared transparently between borrowers and lenders. We believe FHIs are set to transform credit assessment. A mobile app gives borrowers…

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