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Data and forbearance in the age of Covid-19: Traditional and new sources

This is the first of a two-part survey series, establishing the deployment of data including behavioural sources such as Open Banking, to provide assistance to customers affected by coronavirus. Results will be aggregated for an article published in Credit Strategy.

Note: Individual answers provided are subject to the same non-disclosure terms & conditions that apply to all Credit Strategy’s awards entries, These guarantee individual results will not be published anywhere on Credit Strategy’s website, magazine or social media channels. Only aggregated results are published to show industry trends.
 
Survey participants will be entered into a prize draw - for a Fortnum & Mason luxury hamper, and three-month Premium membership to Credit Strategy. The latter provides exclusive access to the entire Credit Strategy website, giving you the chance to browse through Best Practice Case Studies from the UK's largest creditors, as well as expert opinions, webinar recordings, conference presentations and more.

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1. Are you using Open Banking technology, to help identify which of your customers have been affected financially by coronavirus?

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2. Are you using Open Banking to do this on the following products: (please tick):

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3. Are you using Open Banking technology, in ways other than identification, to help provide financial assistance or forbearance?

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4. If you answered yes to the above, on which products (please tick)?

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5. If Open Banking was deployed for identifying customers affected by coronavirus, how successful has this been across the products below? Please give a score out of 10:

  1 2 3 4 5 6 7 8 9 10
Credit Cards
Secured loans
Residential mortgages
SME lending
Car finance
Current accounts/overdrafts
Savings accounts
Unsecured/online loans
N/A

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6. Please state up to three reasons why the deployment was successful, or wasn’t as effective as hoped, when it was deployed for identifying customers affected by coronavirus. Please refer to any products such as credit cards etc it was deployed on:

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7. If Open Banking was deployed for wider forbearance and financial assistance purposes, for customers affected by coronavirus, how successful has this been across the products below? Please give a score out of 10:

  1 2 3 4 5 6 7 8 9 10
Credit Cards
Secured loans
Residential mortgages
SME lending
Car finance
Current accounts/overdrafts
Savings accounts
Unsecured/online loans
N/A

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8. Please state up to three reasons why the deployment was successful, or wasn’t as effective as hoped, when it was deployed for wider forbearance and financial assistance purposes. Please refer to any products such as credit cards etc it was used for:

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9. Are you using CATO data as part of affordability assessments on the following products, for existing borrowers? (Please tick)

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10. How effective has the use of CATO been, when assessing affordability for existing borrowers, on the following products. Please give a score out of 10.

  1 2 3 4 5 6 7 8 9 10
Credit Cards
Secured loans
Residential mortgages
SME lending
Car finance
Current accounts/overdrafts
Savings accounts
Unsecured/online loans
N/A

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11. Are you using CATO data as part of affordability assessments on the following products, for new lending? (Please tick)

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12. How effective has the use of CATO been, when assessing affordability for new lending, on the following products. Please give a score out of 10.

  1 2 3 4 5 6 7 8 9 10
Credit Cards
Secured loans
Residential mortgages
SME lending
Car finance
Current accounts/overdrafts
Savings accounts
Unsecured/online loans
N/A

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13. Back on the subject of Open Banking: Given the Covid-19 outbreak, lockdown and subsequent pressures placed on lenders, how much attention is your business paying to the deployment of existing Open Banking tech in your business, or new adoption? 

Deployment of existing OB tech:

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14. New adoption of OB tech:

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15. If it’s being given more, or less attention, please state up to three reasons here (clarifying if you’re referring to deployment of existing tech, or new adoption):

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16. Please provide the following information:

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17. The data collected from this survey will be shared between the survey owners, Credit Strategy and Experian, for the purpose of an article to portray industry trends around forbearance and financial assistance for customers. Please click Yes here for consent for your answers to be shared (individual answers will not be published anywhere, and are subject to the same non-disclosure Ts&Cs as our award entries).

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