SME funder Simply has completed its first deal enabled through open banking technology that accelerates the funding process by providing quick, secure access to customer data.
The customer was talking to Simply about a funding package and provided permission for the finance provider to electronically view banking data.
Simply could then digitally access statements, removing the need for the customer to email or print them. Data was then analysed using software to speed decision-making.
Andy Trimmer, head of technology at Simply, said: “We are continually growing our customer-focussed offering and delivering open banking is a key step on this journey. Our customers now have a hassle-free and secure way of providing banking documents to us and using it to help get a decision on the funding they want.
“By using this technology, we are providing superior customer service, enabling both speed and efficiency, whilst going further to ensure the safety of our customers data.”
Simply has been able to capitalise on the benefits of open banking through a partnership with AccountScore, an analytics business that provides insights based on open banking.
Ylva Oertengren, chief operating officer of Simply (pictured), said: “Too often, SMEs’ credit applications are declined because their businesses don’t fit a scorecard. We know that credit scores alone do not tell you everything you need to know about SMEs. This is why we are constantly seeking better ways to use data to improve our service. Open banking gives us the insight we need and makes the journey quicker and easier for the customer.”
Open banking allows companies, banks and building societies to obtain read-only access to individuals’ transactions electronically and securely if customers agree to share their data.
Access is provided through a secure digital channel, so customers are never required to share account information.
Historically, many companies used ‘screen scraping’ technologies to review individuals’ financial data, but this involved the customer actively providing them with their account details.
Last year, Simply was named European Equipment Finance Lessor of the Year at the International Finance Network Awards and entered the Asset Finance UK 50 for the first time.