The first age of open banking – living up to its promise?

Part two of Credit Strategy’s survey on the accelerated use of open banking during the pandemic, this study will ascertain the precise business areas where open banking is being deployed.

As lenders look to identify and support customers affected by a new lockdown, this study will help lenders discover the functions within products where open banking is being used across the industry, how lenders rate the improvements open banking has provided, and crucially, the reasons why they were successful or not.

All participants who take the survey will get free premium membership of Credit Strategy for themselves, and a 'rising star' within their company, for three months. Current premium members who take part will be able to offer the same to two rising stars in their firm.

Aggregated results from the survey, (no individual responses will appear anywhere), will be published in a major report coming soon.

Note: Not every question has to be answered. Some questions (5 to 9) can be skipped if not relevant.

Question Title

* 1. Is open banking powering your early warning system, to help you identify customers at risk of delinquency?

Yes

No (We have an early warning system, but it’s not powered by open banking)

No (We don’t have early warning system)

No (We don’t have an early warning system, but looking to implement in future)

Question Title

* 2. Have you adopted Open Banking technology this year, for these functions (please tick):

Credit decisioning/affordability

Income and employment verification

Digital money management services

Collections

Fraud prevention

Money-laundering related checks

Politically-exposed persons (PEPs)

Vulnerability:
- identification at onboarding stage

Vulnerability:
- identification at delinquency

N/A

Other (please specify)

Question Title

* 3. Of the elements listed in the rows below, which of the following products are you applying them to (please tick)?

	Unsecured/online loans	Credit Cards	Mortgages	Car Finance prodcuts	SME Lending	Current accounts/overdrafts
Credit decisioning/affordability	Credit decisioning/affordability Unsecured/online loans	Credit decisioning/affordability Credit Cards	Credit decisioning/affordability Mortgages	Credit decisioning/affordability Car Finance prodcuts	Credit decisioning/affordability SME Lending	Credit decisioning/affordability Current accounts/overdrafts
Income and employment verification	Income and employment verification Unsecured/online loans	Income and employment verification Credit Cards	Income and employment verification Mortgages	Income and employment verification Car Finance prodcuts	Income and employment verification SME Lending	Income and employment verification Current accounts/overdrafts
Digital money management services	Digital money management services Unsecured/online loans	Digital money management services Credit Cards	Digital money management services Mortgages	Digital money management services Car Finance prodcuts	Digital money management services SME Lending	Digital money management services Current accounts/overdrafts
Collections	Collections Unsecured/online loans	Collections Credit Cards	Collections Mortgages	Collections Car Finance prodcuts	Collections SME Lending	Collections Current accounts/overdrafts
Fraud prevention	Fraud prevention Unsecured/online loans	Fraud prevention Credit Cards	Fraud prevention Mortgages	Fraud prevention Car Finance prodcuts	Fraud prevention SME Lending	Fraud prevention Current accounts/overdrafts
Money-laundering related checks	Money-laundering related checks Unsecured/online loans	Money-laundering related checks Credit Cards	Money-laundering related checks Mortgages	Money-laundering related checks Car Finance prodcuts	Money-laundering related checks SME Lending	Money-laundering related checks Current accounts/overdrafts
Politically-exposed persons (PEPs)	Politically-exposed persons (PEPs) Unsecured/online loans	Politically-exposed persons (PEPs) Credit Cards	Politically-exposed persons (PEPs) Mortgages	Politically-exposed persons (PEPs) Car Finance prodcuts	Politically-exposed persons (PEPs) SME Lending	Politically-exposed persons (PEPs) Current accounts/overdrafts
Vulnerability: - identification at onboarding stage	Vulnerability: - identification at onboarding stage Unsecured/online loans	Vulnerability: - identification at onboarding stage Credit Cards	Vulnerability: - identification at onboarding stage Mortgages	Vulnerability: - identification at onboarding stage Car Finance prodcuts	Vulnerability: - identification at onboarding stage SME Lending	Vulnerability: - identification at onboarding stage Current accounts/overdrafts
Vulnerability: - identification at delinquency	Vulnerability: - identification at delinquency Unsecured/online loans	Vulnerability: - identification at delinquency Credit Cards	Vulnerability: - identification at delinquency Mortgages	Vulnerability: - identification at delinquency Car Finance prodcuts	Vulnerability: - identification at delinquency SME Lending	Vulnerability: - identification at delinquency Current accounts/overdrafts
N/A	N/A Unsecured/online loans	N/A Credit Cards	N/A Mortgages	N/A Car Finance prodcuts	N/A SME Lending	N/A Current accounts/overdrafts

Question Title

* 4. If you have adopted open banking for unsecured/online loans, please give a score out of 10 below for the outcome (10 represents outstanding results for customer service)

	1	2	3	4	5	6	7	8	9	10
Credit decisioning/affordability	Credit decisioning/affordability 1	Credit decisioning/affordability 2	Credit decisioning/affordability 3	Credit decisioning/affordability 4	Credit decisioning/affordability 5	Credit decisioning/affordability 6	Credit decisioning/affordability 7	Credit decisioning/affordability 8	Credit decisioning/affordability 9	Credit decisioning/affordability 10
Income and employment verification	Income and employment verification 1	Income and employment verification 2	Income and employment verification 3	Income and employment verification 4	Income and employment verification 5	Income and employment verification 6	Income and employment verification 7	Income and employment verification 8	Income and employment verification 9	Income and employment verification 10
Digital money management services	Digital money management services 1	Digital money management services 2	Digital money management services 3	Digital money management services 4	Digital money management services 5	Digital money management services 6	Digital money management services 7	Digital money management services 8	Digital money management services 9	Digital money management services 10
Collections	Collections 1	Collections 2	Collections 3	Collections 4	Collections 5	Collections 6	Collections 7	Collections 8	Collections 9	Collections 10
Fraud prevention	Fraud prevention 1	Fraud prevention 2	Fraud prevention 3	Fraud prevention 4	Fraud prevention 5	Fraud prevention 6	Fraud prevention 7	Fraud prevention 8	Fraud prevention 9	Fraud prevention 10
Money-laundering related checks	Money-laundering related checks 1	Money-laundering related checks 2	Money-laundering related checks 3	Money-laundering related checks 4	Money-laundering related checks 5	Money-laundering related checks 6	Money-laundering related checks 7	Money-laundering related checks 8	Money-laundering related checks 9	Money-laundering related checks 10
PEPs	PEPs 1	PEPs 2	PEPs 3	PEPs 4	PEPs 5	PEPs 6	PEPs 7	PEPs 8	PEPs 9	PEPs 10
Vulnerability: - identification at onboarding stage	Vulnerability: - identification at onboarding stage 1	Vulnerability: - identification at onboarding stage 2	Vulnerability: - identification at onboarding stage 3	Vulnerability: - identification at onboarding stage 4	Vulnerability: - identification at onboarding stage 5	Vulnerability: - identification at onboarding stage 6	Vulnerability: - identification at onboarding stage 7	Vulnerability: - identification at onboarding stage 8	Vulnerability: - identification at onboarding stage 9	Vulnerability: - identification at onboarding stage 10
Vulnerability: - identification at delinquency	Vulnerability: - identification at delinquency 1	Vulnerability: - identification at delinquency 2	Vulnerability: - identification at delinquency 3	Vulnerability: - identification at delinquency 4	Vulnerability: - identification at delinquency 5	Vulnerability: - identification at delinquency 6	Vulnerability: - identification at delinquency 7	Vulnerability: - identification at delinquency 8	Vulnerability: - identification at delinquency 9	Vulnerability: - identification at delinquency 10

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