⚡ Abound partners with D•One to offer fairer credit to more people using open banking

Abound, an AI-powered lending platform, has partnered with D•One, ClearScore Group’s open banking division, to expand access to affordable credit products. The collaboration leverages open banking technology to assess borrower creditworthiness more comprehensively than traditional credit scoring methods allow. By analyzing real-time banking data through D•One’s infrastructure, Abound aims to serve customers who might be overlooked or unfairly priced by conventional lenders relying solely on credit bureau information. The partnership announced today positions both companies to capture market share in the alternative lending space as open banking adoption accelerates across the UK and Europe. Financial institutions utilizing traditional underwriting models could face increased competitive pressure as technology-enabled lenders gain traction with underserved demographics. The move also signals growing institutional confidence in open banking data as a viable credit assessment tool.

FXnCO Insight

Alternative lending platforms using open banking rails are intensifying competition for consumer credit market share, pressuring traditional lenders to modernize underwriting technology or risk losing customers to more data-driven competitors.

Source: Finextra