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Online webinar

How Credit Unions can benefit from Open Banking

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Online GMT

March 2nd, 2023

Thursday

10:00AM - 11:00AM GMT

London Time

About

Welcome to our upcoming webinar on "How Credit Unions in the UK can benefit from Open Banking?"

In today's fast-paced financial industry, Open Banking has become a game-changer, offering a wealth of opportunities for financial institutions to improve their offerings and better serve their customers. This webinar will focus specifically on how credit unions in the UK can benefit from Open Banking and how it can help drive growth and innovation within the credit union movement.

Whether you're a credit union executive, board member, or simply interested in the future of financial services, this webinar is for you. Join us to learn how credit unions in the UK can harness the power of Open Banking to enhance their offerings and better serve their members. We look forward to having you join us!

What you will learn:

1. Understanding the basics of Open Banking, its origins, and how it has evolved over the years.

2. Discussing the differences between traditional banking methods and Open Banking, including the use of PDF statements and how Open Banking offers more secure and efficient alternatives.

3. Exploring the various ways that Open Banking makes account verification faster and more streamlined, including the latest technologies and approaches.

4. Understanding how Open Banking enables financial institutions to make faster and more accurate credit decisions, using real-time data and sophisticated algorithms.

5. Discovering the benefits of continuous access to a user's bank account, including real-time transaction monitoring, fraud detection, and improved customer experience.

Join us for this informative webinar to learn about the many benefits of Open Banking and how it is transforming the financial industry. Whether you're a financial institution, fintech startup, or just curious about the future of banking, this webinar is for you! Register now to secure your spot.

Agenda

  • What is Open Banking
  • Is Open Banking a replacement for PDF statements
  • How to verify an account in less than 15 minutes
  • How to make automated credit decisions
  • How to get continuous access to a user's bank account

Video

FAQ

How is the data used for credit servicing?

The data is utilized for credit underwriting and risk management purposes. You can leverage this data to calculate disposable income, analyze financial insights, and make automated credit decisions. Additionally, you can monitor the performance of your portfolio over time.

What banks are not included in the Open Banking landscape?

Open Banking is a regulation that all banks in the UK must follow without any exceptions. This means that as Planky, we can establish a connection with all the banks and securely deliver their data to your organization in compliance with regulations.

We currently publish the list of banks that we support on our website. As stated in our product roadmap, we will be extending our connectivity with more banks in Q1 2023.

What happens after the 90 days, as we will not need any further access to the bank details?

You can delete the data from Planky if you don't require it. This can be achieved through manual means, either via the dashboard or API, or automatically using retention period rules

Does Planky show county court judgements or would this just come from the credit report?

No, Planky is currently focusing on utilizing the data available in Open Banking. We provide various types of data, including raw transaction data, account holder information, and balances. Additionally, we offer transaction categorization and insights based on the available data.

If we have different loan products with different risk criteria, how does Planky know which rules to apply to the users data?

Currently, the risk criteria for all customers must be the same. However, we can create a separate Dashboard Application for your business, which will allow you to define individual risk criteria for each of them.

In addition, we are planning to include decision rules for each loan product in the future.

I have noticed that the categorisation of the transactions is not always correct or consistent. Why do you think this happens?

Open Banking does not provide transaction categories by default. Our responsibility is to analyze transaction information to determine the appropriate category. Occasionally, a bank may provide a new description for a transaction that we have not seen before or multiple businesses may report the same transaction description in a similar way.

To address such issues, we continually monitor transactions and collaborate closely with our customers. Therefore, if you notice any transactions that are incorrect according to your knowledge, please report them to us immediately.

How do you identify the category of your transactions?

Our first step was to identify a suitable taxonomy of categories for the lending business, which we achieved by closely collaborating with our lending partners. We then developed a machine learning system to accurately assign each transaction to its corresponding category. To do this, we created training files and used them to develop advanced machine learning models.

Does Planky display arrears for bills, credit cards, and other financial obligations?

Planky categorizes bank transaction data, with dedicated categories for bills and credit cards. We can also detect loans, mortgages, and other financial obligations. Furthermore, we can identify debt management activities that may be relevant to your financial standing.

Does it provide a summary of the number of months missed for each overdue payment?

While we do not provide information specifically about missed payments, we do offer a group of similar transactions with three scores: Consistency, which indicates whether the amount of money is consistent across transactions, Regularity, which shows whether the frequency of payments is the same, and Longevity, which reveals how long we have observed these transactions.

If we ask a user to consent to adding additional bank accounts after the initial consent is completed are the records merged and the risk profile updated by Planky?

Yes, you can request that your customers connect additional banks after the initial assessment. All the records will be consolidated, and a new report will be generated.

Does the customer know how many times you review their bank and are they alerted when we enter the bank?

After a customer grants us access to their bank account, we update the report four times a day as long as we are granted access. We do not notify the customer about these updates. However, you as a lender will receive a notification if a new event or alert is generated.

Can PDF statements be downloaded from the portal for audit?

Yes, you can download PDF statements from Planky Dashboard.

Are we able to export the risk analysis from Planky?

Yes, you can access all of our risk analytics and insights, but you will need to utilize our API. In the Dashboard, you can export bank account transactions in either PDF or Excel format.

Speakers

Emilian Siemsia

Co-founder and CTO

Emilian is dynamic and driven technologist with a rare combination of business and deep technical knowledge. He is start-up passionate, team builder, currently founding lead engineer of Planky.com where he has put a deep knowledge of creating a platform which combines Machine Learning technics, Web Application development and Mobile solutions. For over 15 years he has held many software developer and technical leadership roles.

Friendly Score UK Ltd.

42 Brook Street, Mayfair

London W1K 5DB

Call us on +44 20 3709 6726

Company registered in England

Company number 09168668, ICO ZA111687

VAT registration number 206 9758 80

Authorised and Regulated by the Financial Conduct Authority. (FRN: 821100, 781963)

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