Five financial services providers across Europe are the first to utilise Abound’s ‘Render’ technology.
The software has already been used to process more than 10 million loan applications.
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Specifically, the technology allows financial institutions to make smarter, quicker assessments of borrowers. Render assesses consumers’ entire financial position, rather than simply reviewing a credit score, using cutting-edge artificial intelligence.
Abound says that the software works by using open banking to ‘x-ray’ the incomings and outgoings of borrowers. Artificial intelligence combines the open banking data with traditional data sources. This includes credit data, to make an automated lending decision.
According to Abound, Render enables companies to reach more consumers without taking on more risk. To date, the number of consumers that have missed payments is 75% lower than the industry standard.
Render is now available for businesses across Europe to make better lending decisions and power embedded finance within their products. Five financial businesses, including consumer lenders, mortgage providers and embedded finance providers, have embedded Render into their services.
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By GlobalDataGiving millions of consumers access to more affordable credit
Gerald Chappell, CEO and co-founder of Abound: “We are very excited to launch Render with our first five clients. This has the potential to give millions more people access to affordable credit. We’re already in talks with numerous other businesses, including high-street banks, across EMEA.”
“Credit scores were invented more than 50 years ago and while they may be right on average, they are wrong in every individual case. In the modern era where we have cutting-edge artificial intelligence and Open Banking data, we can and should do better. Render is better for lenders as it reduces risk, and better for customers as it enables lower interest rates.”
Millions of ‘credit invisible’ people in the UK
Michelle He, COO and co-founder of Fintern and Render, added: “There are millions of ‘credit invisible’ people in the UK. Despite many having strong finances, they are being ignored by banks. With Render lenders can better serve their borrowers and reduce the risk while doing so.”
It is estimated that over 15 million people in the UK currently struggle to borrow for unexpected costs. Many with poor credit scores are only being offered unacceptably high interest rates. By using Render, companies can reach more customers and offer better rates.
Earlier this year Abound raised capital of over £500m.
