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Open banking represents a significant step forward in the way we perform our daily financial tasks. The regulation, which enables you to share your bank data with authorised FinTech third-party providers, led to a stream of digital-age innovation aimed at making customer’s lives easier hit the financial services mainstream. Whether you’re an individual or a business, open banking has got something for you.

Open Banking’s Big Moment

Open banking is a simple idea: individuals can share their financial data with whichever authorised third party provider they choose. This seemingly straightforward change in banking regulations paved the way for a host of revolutionary innovations which aims to redefine the way we do finance.

Guardians of the Gamblers

In this article, we investigate how FriendlyScore can help betting companies safeguard their customers from gambling-related harm during the COVID-19 pandemic.

FriendlyScore Customer Centre: Your Portal to the World of Open Banking

FriendlyScore are pleased to announce the launch of our Customer Centre, which brings the power of open banking analytics directly to your fingertips. Available as a free to use tool on our website, the Customer Centre provides you with a user-friendly dashboard which displays a range of analytical insights into your financial data. All you have to do is connect your account.

The Real-Time Paradigm: Leveraging Open Banking’s Hidden Power

Much has been written about the revolutionary potential of open banking: it’s ability to aggregate data and enable users to view all of their accounts in one place; the deep insights provided by bank transaction data which results in better analytics; and the empowerment of customers as a result of giving them complete control over who can access their data. These are all game-changers for sure, but one of it’s more overlooked assets, and one which could be of key importance at this time, is its ability to deliver financial data in real-time.

FriendlyScore Product Launch: Personal Finance Management Toolkit

FriendlyScore is delighted to announce the launch of their new Personal Finance Management (PFM) toolkit, an agile software solution which gives businesses the opportunity to deliver powerful open banking analytics directly to their customers.

The Missing Link: How FriendlyScore’s open banking solutions can fill a major gap in the government’s COVID-19 business relief scheme

As the UK’s COVID-19 lockdown enters its second month, and with no clear end in sight, small businesses are bearing an increasingly high financial burden. The government has responded in the form of their £330bn Coronavirus Business Interruption Loan Scheme (CBILS), but to date only £2.8bn of this has actually been disbursed. With current estimates predicting that one-fifth of all UK SMEs will close or fail by the end of June, time is of the essence.

FinTech in the Time of COVID-19

With the global economy in a state of suspended animation due to the COVID-19 pandemic, financial services providers must pull out all the stops to ensure that individuals and small businesses suffering financial hardship are receiving appropriate support and assistance.

Beyond the Credit Score. Open Banking solutions for thin file and other near-prime customers

Credit scores have long been the benchmark for determining whether or not you are eligible for credit. Credit scores also determine the quality of credit you will receive: a higher score generally translates to lower interest rates. Whilst it is easy to determine the eligibility of individuals at either end of the scoring spectrum, there exists a subset of customers in the middle known as “near-prime” for which things are less clear.

Bad Debt Turned Good: How Open Banking Can Assist in Collections and Recoveries

Recovering bad debt has always been a tough ask. Each stage of the process, from tracking down debtors to formulating suitable repayment agreements, has the potential to spiral into a laborious, time-consuming exercise. But some tasks commonly undertaken by collections agents can now have the potential to be streamlined using Open Banking-based technologies, easing the burden for both agent and debtor.

Open Banking: A 2020 Vision

Open Banking recently celebrated its second birthday in the UK. Whilst it has received criticism from some quarters for being slow out of the blocks, it has now gathered more than one million active users, and an increasing number of innovative use cases coming from the FinTech sector could make 2020 the year that Open Banking finally cracks the mainstream.

A New Way Of Approaching Affordability

Affordability assessments for mortgages and small business loans are notoriously lengthy, taking up an unnecessary amount of time for both borrower and lender. FriendlyScore, a London-based FinTech, is employing open banking technology to help lenders dramatically streamline this process.

Open Banking & SMEs: Serving the Underserved

Small and Medium Enterprises (SMEs) account for the vast majority of businesses worldwide and are a crucial driving force behind job creation and economic development. However many SMEs report being underserved, especially when it comes to accessing finance. We investigate how the FinTech sector is working to address such problems.

FriendlyScore Sandbox Bank. What is that?

Open Banking is revolutionising the way we approach finance. By giving individuals unprecedented control over their financial data and who they share it with, Open Banking has led to a greater consumer demand for more innovative services, improved personalisation and a wider choice of products. In turn, providers are looking for ways to meet these needs.

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

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.