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As of January 2021, personal and guarantor lenders in the UK can now use open banking as a better way to underwrite and analyse their customers who apply. With open banking technology, borrowers agree to giving access to their bank statements and transactions during the application process, with the hope that opting in will maximise their chances of approval. “Open banking is a safe way for you to allow trusted lenders and providers access to your personal financial data,” says David Beard of Lending Expert “Information like your income and spending habits can now be shared with lenders...

Will Open Banking Take Off? 4th Feb 2021 5:56pm | By Editor Open Banking could be pioneering in how customers manage their money and how lenders assess risk. But is open banking the future? What is Open Banking? Open banking, a relatively new concept in the financial sphere, is the sharing of customer financial information and transaction history. It allows providers access to your financial information and past transactions.  For lenders it provides a greater sense of security when loaning money as they can check for any red flags in borrower spending such as debt or ...

Stuart Gentle Publisher at Onrec 29 Jan 2021| Employers Must Help Their Staff with EAP EAP refers to those programmes offered by employers to help with stress, mental health and wellbeing and are part of the wave of employee benefits that are being adopted by companies across the UK. Employers must help their staff with employee assistance programmes, otherwise known as EAP, writes Dan Kettle of Pheabs.com. EAP refers to those programmes offered by employers to help with stress, mental health and wellbeing and are part of the wave of employee benefits that are being adopted by companies acr...