Created by: Emilian Siemsia | 10 January 2020

FriendlyScore introduces a powerful new Open Banking solution. Here is everything that you need to know.

The last few months have seen FriendlyScore reach some significant milestones.

On the 14th of September 2019, the company became an Authorised Account Information Service Provider (AISP) after we received our PSD2 licence from the FCA. This now gives us the ability to integrate live Open Banking data into our solution (in territories which have adopted the regulation), and opens up a new universe of personal and business finance analytics based upon the transactional data of individuals.

Open Banking data has the capacity to fundamentally alter the way lenders and consumers of credit think about their finances. FriendlyScore enables its users to unlock the full potential of this data and tap into a host of applications including enhanced credit scoring, detailed personal financial management and automation of standard forms such as loan applications.

Open Banking Solutions

FriendlyScore’s new product offering comprises three individual subproducts.

Connect — The Connect plan offers direct connectivity to Open Banking data through a single API, giving users access to a rich source of current account data at a transactional level. Also included in this plan is a transaction classification algorithm, which classifies Open Banking data into recognisable categories such as bills, groceries and travel.

Insights — For users who wish to supplement connectivity to Open Banking with a comprehensive reporting and analytic suite built upon this data, FriendlyScore offers their Insights product. This is where the FriendlyScore solution really begins to shine, giving users access to a huge library of gold-standard financial metrics, which offer deep insights into the connected transaction data. These insights can be quickly accessed by the user via a comprehensive suite of visual-analytic tools and dashboards.

Forecasts — The Forecasts product represents the complete FriendlyScore analytical solution. In addition to the features contained in Insights, Forecasts includes leading-edge credit risk and affordability models. These models greatly extend the scope and capability of traditional credit scores and affordability measures through a combination of advanced feature building and machine learning technology. This results in enhanced identification of creditworthy individuals and highly-predictive indicators of future credit performance.

Staying one step ahead of the competition, FriendlyScore offers a customisable solution which allows clients to select the Connect, Insights and Forecasts products based upon their needs. For clients who solely wish to establish a raw Open Banking data connection, the Connect product is available individually. For those simply looking to perform modern credit risk analytics upon an existing Open Banking data connection, both Insights and Insights + Forecast packages are available separately.

To coincide with the launch of our Open Banking solution, FriendlyScore has unveiled a fresh new website which allows visitors to smoothly navigate through the product offerings and easily access relevant information. Those new to FriendlyScore can learn more about the above at the new website www.friendlyscore.com, which is now live.

Current users of FriendlyScore’s Alternative Data Solutions who wish to make the change to Open Banking can register their interest via the website (www.friendlyscore.com), or speak directly to your account manager. Developer console, sandbox environment and API documentation is available after successful registration.

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