Article : Open banking boosts pandemic lending

Money, Open Governance

Open banking boosts pandemic lending

Open banking has played a pivotal role in the credit market since the start of the pandemic, and this trend is expected to continue post-Covid, Equifax has claimed.According to new data from Equifax UK and AccountScore, since the start of the first UK lockdown in March 2020, there has been a 140 per cent surge in the adoption of open banking across the board.

“Facing an unprecedented challenge, commercial and consumer lenders have accelerated their digital transformation, embracing open banking,” said Emma Steeley, chief executive of AccountScore, an Equifax company.

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