Credit unions and community-focused banks and lenders can now extend opportunities to their Members thanks to open banking via incuto. Further to a recent partnership with Experian, the incuto platform now incorporates transactional data to better evaluate credit applications. Customers and Members also benefit from access to their financial data in order to better understand and manage their personal finances.
The decision to incorporate open banking within incuto’s platform aligns perfectly with its commitment to equipping community-focused banks and lenders with the tools needed to become true challengers to high-street banks and other lenders. With better insight into Members circumstances and their credit history, incuto’s partners can better serve their needs and increase their options.
Similarly, incuto will be using its open banking capability as part of its commitment to financial education. Credit union and community bank customers will have the option to access their data via a banking app and online Member area, allowing them to better understand their finances and credit history.
Andrew Rabbitt, CEO, incuto says: “We’re delighted to offer open banking on the incuto platform which allows our partners to better assess credit applications and do more for their Members. Open banking data provides an excellent way for credit unions to better understand an individual’s credit history and potentially expand what they can offer on the back of this information.
“In 2020, incuto will be launching its full back office platform to credit unions which will replace all legacy systems and fully digitise the service our partners can offer,” Andrew continues. “Technology will play a vital role in helping ethical banking providers reach a wider audience in 2020 so we’re excited to be working alongside credit unions at this time.”
In March 2020, incuto will be rolling out its complete solution for credit unions and community banks. This will offer an end-to-end banking technology solution for credit unions which also brings the customer experience in line with competing banks and lenders. Features will include a loan management and accounts platform, a Member management toolkit, marketing functionality, product builder and auto-decisioning functionality, to name just a few features.