Andrew Rabbitt, CEO of incuto

Technology has the potential to revolutionise the service provided by credit unions and in doing so promote financial inclusion and less dependency on pay day lenders and other high-interest credit, a leading fintech exec has said.

“SaaS banking technology like ours is now enabling more ethical lenders like credit unions to offer the same 24/7, online and instantaneous service as pay day and door step lenders,” said Andrew Rabbitt, CEO of SaaS fintech incuto. “Many who use high-interest credit find themselves trapped in a poverty premium – they don’t have access to lower interest loans and may struggle to access mainstream banking services such as bank accounts and free-to-use debit cards. Our technology is designed to help credit unions ‘go digital’, as well as integrate with providers like Starling Bank, Post Office, Vocalink, Telefonica and Mastercard in order to massively expand the services on offer. Our ambition is to help credit unions and community banks put a stop to unfair, high-interest pay day loans once and for all.”
Platforms like incuto, said Rabbitt, allow for both economies of scale on transactions and hosting costs, allowing greater profitability and sustainability for responsible lenders as well as the ability to connect to services: “These would otherwise be wholly uneconomical for either side to integrate, so it removes the cost barrier while drastically improving service levels,” he added.

by Guy Matthews