Wednesday, August 10, 2022
LetsAskBinu.com
  • Home
  • Cybersecurity
  • Cyber Threats
  • Hacking
  • Protection
  • Networking
  • Malware
  • Fintech
  • Internet Of Things
No Result
View All Result
LetsAskBinu.com
No Result
View All Result
Home Fintech

Lending Risk Assessments Must Seek To Be More Inclusive; Pleads Open Banking Platform Tink

Researcher by Researcher
July 23, 2022
in Fintech
0
Lending Risk Assessments Must Seek To Be More Inclusive; Pleads Open Banking Platform Tink
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


A recent survey of the self-employed community by the open banking platform Tink has brought to light the struggles they incur as working professionals when accessing financial services. 

The responses of the 2,000 UK self-employed professionals surveyed revealed that over a quarter struggle to access the financial services they require.

This includes 31 per cent who have struggled to obtain credit and the 33 per cent who say they can’t get a mortgage because of their work status.

A national average of seven per cent say they have been rejected for a mortgage, but this figure more that doubles for the self-employed, where 15 per cent of applicants have received disappointing news.

It’s a similar scenario when accessing basic personal banking products, such as savings or current accounts, with the average for the self-employed being 16 per cent, more than double the national average of seven per cent.

According to the survey, a stark 27 per cent of self-employed people feel like they’ve been actively discriminated against whilst trying to access financial services, leading many to believe that the current system is working against their favour due to their current employment status.

Financial institutions can do more to enable access to financial services

With sole traders contributing an estimated £303billion to the UK economy, these findings lay bare the need for tailored, data-driven financial support for the self-employed.

They highlight an opportunity for financial services providers to give control back to consumers by enabling them to use their own real-time data to access a broad range of products and services.

Traditional credit checks combined with onerous, often paper-based processes to provide evidence of expenditure and income levels are seen to be time-consuming, out of date and end in higher abandonment or rejection rates.

Enabled through open banking technology, financial services providers, with consumer consent, are able to use transaction data in people’s bank accounts to take a holistic approach to gather insights on income and spending behaviours to inform creditworthiness and affordability.

This would improve financial inclusion and access while removing barriers deemed to be counterintuitive to lending encountered by the self-employed.

Tasha Chouhan, UK & IE Banking Lead at Tink
Tasha Chouhan

Speaking on how the company’s findings have exposed the inadequacies of the current financial services system, Tasha Chouhan, the company’s UK and IE banking lead, emphasises the “distinct gap between the service those who are self-employed require, and the service they are currently receiving.”

Chouhan advocates the widespread integration of open banking, a technology that will “enable faster and more accurate credit decisions in real-time which work for everyone, including the self-employed.”

The access open banking provides to financial data will, according to Chouhan, “allow lenders to make better decisions about affordability and creditworthiness, based on up-to-date income and spending information, rather than credit scores or antiquated risk decisioning.”



Source link

Related articles

UK Fintech News Round-Up: The Latest Stories 02/03

UK Fintech News Roundup: The Latest Stories 10/08

August 10, 2022
MAS Confirms the Return of Singapore Fintech Festival 2022 as an In-Person Event

MAS Confirms the Return of Singapore Fintech Festival 2022 as an In-Person Event

August 10, 2022
Tags: AssessmentsbankingInclusiveLendingopenplatformpleadsriskSeekTink
Share76Tweet47

Related Posts

UK Fintech News Round-Up: The Latest Stories 02/03

UK Fintech News Roundup: The Latest Stories 10/08

August 10, 2022
0

Every Wednesday, we delve into the latest fintech updates from across the UK. This week, a Premier League footballer stars...

MAS Confirms the Return of Singapore Fintech Festival 2022 as an In-Person Event

MAS Confirms the Return of Singapore Fintech Festival 2022 as an In-Person Event

August 10, 2022
0

Singapore FinTech Festival (SFF) is to return as an in-person event from 2 to 4 November 2022; the Monetary Authority...

This Week in Fintech: TFT Bi-Weekly News Roundup 08/02

This Week in Fintech: TFT Bi-Weekly News Roundup 09/08

August 9, 2022
0

The Fintech Times Bi-Weekly News Roundup on Tuesday 9 August 2022 brings you the latest job moves and partnership updates.AppointmentsFintech...

Asia Innovations Group’s Uplive Presses Play On ESG Programme

Asia Innovations Group’s Uplive Presses Play On ESG Programme

August 8, 2022
0

Uplive, Asia Innovations Group‘s (AIG) live video entertainment platform, is to facilitate the live social company’s environmental, social and governance...

Unicorn, Decacorn or Hectocorn – Tipalti Uncovers Which Region Has the Most Billion-Dollar Companies

Unicorn, Decacorn or Hectocorn – Tipalti Uncovers Which Region Has the Most Billion-Dollar Companies

August 8, 2022
0

New research from Tipalti analysed the billion-dollar valued companies around the world to find out which countries and industries have the most, and...

Load More
  • Trending
  • Comments
  • Latest
Brave browser’s Tor mode exposed users’ dark web activity

Brave browser’s Tor mode exposed users’ dark web activity

February 18, 2022
This Week in Fintech: TFT Bi-Weekly News Roundup 08/02

This Week in Fintech: TFT Bi-Weekly News Roundup 15/03

March 15, 2022
QNAP Escalation Vulnerability Let Attackers Gain Administrator Privileges

QNAP Escalation Vulnerability Let Attackers Gain Administrator Privileges

March 15, 2022
A first look at threat intelligence and threat hunting tools

A first look at threat intelligence and threat hunting tools

March 15, 2022
Beware! Facebook accounts being hijacked via Messenger prize phishing chats

Beware! Facebook accounts being hijacked via Messenger prize phishing chats

0
Shoulder surfing: Watch out for eagle‑eyed snoopers peeking at your phone

Shoulder surfing: Watch out for eagle‑eyed snoopers peeking at your phone

0
Remote work causing security issues for system and IT administrators

Remote work causing security issues for system and IT administrators

0
Elementor WordPress plugin has a gaping security hole – update now – Naked Security

Elementor WordPress plugin has a gaping security hole – update now – Naked Security

0
UK Fintech News Round-Up: The Latest Stories 02/03

UK Fintech News Roundup: The Latest Stories 10/08

August 10, 2022
Musk Threatens to Walk Away From Twitter Deal

Jury Finds Ex-Twitter Worker Spied for Saudi Royals

August 10, 2022
MAS Confirms the Return of Singapore Fintech Festival 2022 as an In-Person Event

MAS Confirms the Return of Singapore Fintech Festival 2022 as an In-Person Event

August 10, 2022
How to reset your Windows 10 password when you forget it

How to reset your Windows 10 password when you forget it

August 10, 2022

Recent Posts

UK Fintech News Round-Up: The Latest Stories 02/03

UK Fintech News Roundup: The Latest Stories 10/08

August 10, 2022
Musk Threatens to Walk Away From Twitter Deal

Jury Finds Ex-Twitter Worker Spied for Saudi Royals

August 10, 2022
MAS Confirms the Return of Singapore Fintech Festival 2022 as an In-Person Event

MAS Confirms the Return of Singapore Fintech Festival 2022 as an In-Person Event

August 10, 2022

Categories

  • Cyber Threats
  • Cybersecurity
  • Fintech
  • Hacking
  • Internet Of Things
  • Malware
  • Networking
  • Protection

Tags

Access Android attack Attacks banking BiWeekly bug Cisco critical Cyber Cybersecurity Data devices Digital exploited financial Finds Fintech Flaw flaws Google Group Hackers Krebs Latest malware Microsoft million Network News open Payments phishing Ransomware RoundUp scams security Software TFT Threat vulnerability warns Week Windows zeroday

© 2022 Lets Ask Binu All Rights Reserved

No Result
View All Result
  • Home
  • Cybersecurity
  • Cyber Threats
  • Hacking
  • Protection
  • Networking
  • Malware
  • Fintech
  • Internet Of Things

© 2022 Lets Ask Binu All Rights Reserved