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Credit Kudos joins PwC’s digital banking sandbox program

Freddy Kelly, CEO of Credit Kudos

UK-based FinTech Credit Kudos has teamed up with PwC in a bid to build a digital banking ecosystem sandbox platform. The platform is a part of PwC’s project and aims to show the process of shifting a legacy bank model to a partnership bank model. The project includes other cloud-based platforms that use SaaS APIs. PwC’s project will see Credit Kudos’ part as the ecosystem’s credit bureau of choice. The FinTech will offer an alternative way to measure creditworthiness using open banking data instead of historical borrowing information.

Freddy Kelly, CEO and co-founder of Credit Kudos, commented, “PwC’s digital banking ecosystem is an important milestone in the banking sector as the power of open banking data gains momentum, and we’re excited to be a part of this journey. Our API provides financial institutions with valuable insights and personal data not available through traditional credit bureaus and will allow them to re-evaluate their decisions to create new customer offerings and additional revenue streams. In turn, this benefits borrowers by providing them with a quick and hassle-free way to apply for credit, getting a response in near real-time. This is the start of an important and positive change to the financial sector, showing how financial institutions can evolve quickly and effectively through partnerships.”

The sandbox is expected to enable a bank to easily meet customer expectations without the need for them to develop the technology. Credit Kudos offers financial institutions and banks with new decisioning models and access to real-time income and expenditure. It also delivers risk and affordability measurements to lenders, thereby allowing them to make faster decisions, increase acceptances and reduce defaults.

Mike Kennelly, Director, Financial Services Technology Consulting from PwC added, “The third wave of digitisation is emerging where open APIs and open platform banking are rapidly changing the shape of financial services. Legacy banks need to move towards ecosystem banking where they can leverage third parties to extend their customer reach and implement a new disruptive business model. We have shown how this can be done with relative ease by building our own digital ecosystem bank and by linking to some of the most disruptive, innovative APIs available – such as Credit Kudos. Existing financial institutions and banks need to adopt this new and different mindset – thinking of their competitors as potential collaborators in an environment where consumer multi-banking is becoming the norm.”

Recently, Credit Kudos announced the closure of a £5 million Series A funding round led by AlbionVC along with the participation of TriplePoint, Plug & Play Ventures, Ascension Ventures’ Fair by Design fund, and Entrepreneur First.

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