OAKBROOK Finance has become the first UK lender to return a fully automated Open Banking lending decision via a third-party aggregator by teaming up with market-leading credit scorer and product marketplace ClearScore and data analytics provider AccountScore.
Oakbrook’s new venture offers customers a superior application journey and pre-approved offers which reflect their personal circumstances without impacting their credit scores.
The aggregation play will be delivered through its Likely Loans go-to-market brand and represents the latest stage of an Open Banking strategy that has seen it make significant investments in cutting-edge technology, talent acquisition and building strategic partnerships.
Oakbrook CEO Luke Enock explains: “Our vision is to change lending for the better, and a key component of that is going to come through the accelerated adoption of Open Banking solutions across different channels.
“The Covid-19 pandemic has reminded us that traditional methods of credit scoring rely heavily on historic data. To deliver an experience which meets customer expectations and delivers solutions which match their latest circumstances, you need timely data and intelligent decisions at speed.
“We’re thrilled to be working with ClearScore and AccountScore on a solution which is going to deliver a better experience for Likely Loans applicants while demonstrating the power of Open Banking to serve up personalised offers built around their most accurate and up-to-date financial information.”
Luke added: “ClearScore has a stellar track record in transforming the aggregator market. Coupled with the advanced data analytics from AccountScore, we know we’re creating a blueprint for future lending through aggregator channels.”
This new venture will create a friction-free loan application journey for consumers. Where a customer has already consented to ClearScore using their Open Banking data for lending offers, this data will then be used to help assess their eligibility for a loan with Oakbrook.
Using AccountScore’s data capabilities and Oakbrook’s own proprietary O6K technology, Oakbrook can process the raw Open Banking data and traditional credit bureau data to return a personalised, pre-approved decision within seconds – giving the consumer greater confidence to apply.
Claire Smith, Oakbrook’s Head of Customer Marketing, said: “Our partnership with ClearScore will enable a smoother customer experience which removes steps from the journey and delivers more satisfying customer outcomes through decisions informed by real-time data.”
Emma Steeley, CEO of AccountScore, added: “We have a shared vision with Oakbrook that in order to truly deliver the potential of Open Banking to the mass market, you need to combine strong technical expertise with the power of analytics on the transaction data.
“Our strategy of partnering with aggregators as well as lenders will enable the mass-market adoption of Open Banking and improved experiences and outcomes for customers. We’re delighted to deliver another Open Banking first with Oakbrook and ClearScore.”