Credit Kudos to power Open Banking services for Admiral Financial Services

By Megha Bhattacharya

Challenger credit reference agency Credit Kudos has been selected by Admiral Financial Services Limited (AFSL) for offering Open Banking data to initially help with income verification in a bid to support consumers across its personal loan products. AFSL will benefit from access to additional, more up-to-date information than was previously available through traditional credit bureaus, to instantly verify an individual’s income.

Freddy Kelly, CEO and co-founder of Credit Kudos, commented, “We’re seeing an increase in a range of financial institutions – not just banks – adopting Open Banking technology to steal a march on their competitors. By taking advantage of this technology, AFSL is firmly positioning itself as a pioneer in innovation and lending. Their customers who are searching for new loans – including the traditionally underserved – will soon be able to source new product offers by securely sharing data from their bank account.

According to Credit Kudos, AFSL customers will be able to share their financial transaction data securely within their application. Recently, Credit Kudos announced a partnership with Proptech Goodlord in a bid to boost the rental process for agents, landlords and tenants with the provision of accurate assessments of a tenant’s financial solution.

Scott Cargill, CEO of Admiral Financial Services Limited, commented, “Automatically assessing income in the wake of the pandemic caused difficulties for many lenders. Through this data-driven partnership with Credit Kudos, we are now able to more quickly and more reliably assess income allowing us to responsibly increase lending volumes.”

“Data, agility and innovation, along with a strong customer focus, is at the core of our strategy and embracing Open Banking is just one part of this. In future it will allow us to offer new, revolutionary products, and ensure we can be more responsive to our customers’ needs and quickly adapt to meet them. Through this market-first partnership we will change the way our customers, including the financially underserved, access financial services and products.”