Our insights are dedicated to the hottest topics in the lending industry and role of technology in transforming lending journeys.
PrinSIX Technologies and AccountScore announce partnership to deliver optimised Open Banking journeys
PrinSIX announces it has entered into a partnership with AccountScore, leaders in open banking data analytics. Click here to read more.
2021 was a busy year for PrinSIX, as it was for many. Our CEO, Julian Graham-Rack represented us at Credit Summit 2021, discussing why customer onboarding must change, and we announced our partnership with AccountScore, which aims to deliver optimised Open Banking...
Is KYC enough to assure regulatory compliance? Here is why most lenders and service providers are failing to fully manage compliance risk.
PrinSIX has announced the integration of digital signatures with DocuSign, streamlining customer applications processing and onboarding.
The relentless drive towards digital engagement is fuelling an active debate within consumer credit about the adequacy of digital only customer journeys. They meet customers’ demand for convenience and lenders need for efficiency, but real concerns exist within the...
Facts about Open Banking
1. Around 39% of customers leave a website and buy from a competitor after being inundated with options. Hyper-personalisation helps to solve this by providing customers with only those options that are suited to their needs. (Deloitte)
2. The number of open banking payments made has grown from 320,000 in 2018, to over 3.4 million in 2020. (Finextra)
3. 50% of small businesses only consider one lender when seeking a loan, with 25% of them put off from ‘shopping around’ by arduous and frustrating application processes. (Finextra)
4. New research shows that more than one in three (36%) of younger millennials (18–24) chose to borrow from an alternative lender in 2019. (Credit-connect)
5. 64% would be likely to consider an alternative lender over a traditional bank next time they need to borrow money. (Credit-connect)
6. 60% polled in the Equiniti research would be willing to share their bank account transaction data to an authorised third party in exchange for a better more personalised mortgage rate. (Credit-connect)
7. 6.3 million adults In the UK have a personal loan. (Statista)
8. Almost 60% of respondents had taken out a personal loan between five and twenty thousand British pounds. Only 3% of respondents had taken out a personal loan under one thousand British pounds. (Statista)
9. The average amount of personal loans in a UK household grew by more than 1,000 British pounds between 2014 and 2019. (Statista)
10. The UK personal loans industry contributes around £23 billion to the UK economy every year. (TSB)
Ways to Stay in Touch
Book a Meeting
Let us walk you through the key features of a modern digital onboarding platform in 45-minutes with our virtual tour.
Join Our Newsletter
Keep in touch with our product innovations and industry news articles.
Check up on our latest information on your favorite social media sites.