Dr Galina Andreeva is an associate professor in management science at the University of Edinburgh Business School. She is an expert in credit, risk and behavioural finance – and today focuses on alternative banking, fintech and improving access to credit. We talked to her about the key changes with open banking, and how to overcome the challenges.
Businesses are always telling customers how important they are. But do they show it? Galina suggests the focus needs to shift – understanding that everyone feels valued and important when they’re treated as an individual. This means tailoring – actions, services and products – based on their behaviour.
Open banking brings a hugely positive disruption in the industry – a power shift back to the consumers when it comes to what is done with their data. But for the banks and fintechs, this change brings with it technical challenges. The next step is figuring out how they’ll process the mountains of data and make sense out of it.
Open banking has also brought new opportunities to open up the credit market up to a larger number of people. But that could mean more over-indebted customers. With access to more customer data, you’ll be able to offer products suited to the individual – and better tools so your customers understand what they’re buying.
Different consumers need differing levels of support. Learn how banks can support UK consumers through the cost-of-living crisis by using tailored financial coaching, data-driven tools and money management solutions.
How does Income Check make it possible for lenders to verify income in seconds? We went behind the scenes of the Tink tech team to find out how Early Redirect is powering the open banking lending engine. Marcus Elwin, Associate Product Manager, has the details.
Risk decisioning and creditworthiness assessment technology are the tools lenders need to take loan origination into the future. Learn how Tink can help with this guide to optimising affordability assessment.
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