Article: Open Banking for self-employed borrowers will bring quicker applications

Money, Open Governance, Standards

Open Banking for self-employed borrowers will bring quicker applications

In fact, close to 10 per cent of digitally active HSBC UK customers are using Open Banking services, with the number growing all the time. We have been looking at how we can integrate this fantastic technology protocol.

We have seen applications across current accounts and unsecured lending products, where it has made a real difference making life quicker, easier and safer and I am extremely excited to now see Open Banking being integrated into our mortgage process in a small but important way that will see the time it takes to go through the underwriting process being much reduced for self-employed applicants.

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Article: How can banks respond to the open banking revolution?

Money, Open Governance

How can banks respond to the open banking revolution?

Open banking possibilities are endless, yet many banks are still stuck in the dark ages. It’s time for banks to move with the times. The success of open banking has been widely documented, with more than two million people and small businesses currently using it in the UK.

These services give third-party financial service providers open access to financial data from banks and other financial institutions through Application Programming Interface (API) driven ecosystems. Open banking’s popularity is no surprise considering the benefits it offers customers.

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