Equifax, the consumer and business insights expert, and Castlight, the leading financial capability company, have formed an alliance with Oakbrook Finance, the owners of consumer loan brand Likely Loans, to develop new products for the 2018 Open Banking initiative.
Under Open Banking, bank transaction data will play a crucial role in lending decisions. Lenders will have access to real-time and historic account and transaction information, boosting transparency when reviewing loan applications. Products currently in the pipeline as part of this collaboration will capture bank transaction data and use this to build characteristics of the individual applying for a financial product, providing a clearer picture of a borrower’s financial position and reducing friction in the customer application process.
Tim Waterman, Chief Analysis Officer at Oakbrook Finance, said: “As 2018 fast approaches, we’re preparing for the opportunities created by the Open Banking Initiative. Equifax and Castlight are ahead of the game in the development of Open Banking products that enable lenders to access transaction level data in a seamless way. This is an important alliance for Oakbrook as we continue to work hard to ensure we’re making the most responsible lending decisions for our customers.”
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