Articles & Press Releases
Open banking is set to replace traditional methods of lending such as postcodes and statistical data with real consumer data. Fintechs like Symple Loans already using consumer data to make lending decisions ahead of the official start of open banking and say statistical tools such as benchmarks and self-reported data will become irrelevant.
Marketplace lender Symple Loans has doled out $5 million to borrowers since opening its book in January, with the fintech’s CEO and co-founder Bob Belan saying it’s squeezing every ounce of available consumer data to offer them a better deal.
New marketplace lender Symple Loans says it will lure in creditworthy borrowers with cheap loans and leave subprime loans to traditional banks.