TotallyMoney has recently launched an innovative open banking tool. This tool is designed to provide customers with live, actionable insights into their affordability, enabling them to enhance their chances of securing better financial offers.
The motivation behind this new product stems from a pressing need to assist the 23.3 million adults in the UK who are currently considered under-served and struggle to access mainstream financial products such as credit cards and loans. This issue has intensified due to the cost of living crisis, a tightening credit market, and outdated credit reporting practices that fail to reflect modern societal changes.
TotallyMoney is committed to transforming financial services by leveraging open banking technology to extend beyond traditional credit report data. This approach aims to empower individuals to advance their financial status effectively.
The new tool introduced by TotallyMoney offers users detailed insights into their financial standing, which can significantly influence their ability to manage money more efficiently and make informed decisions regarding lender transactions.
Additional features of this tool include the integration of lender APIs and a user-friendly interface that provides personalized plans to improve financial health. These features ensure that customers can understand and improve the factors affecting their affordability.
Alastair Douglas, CEO of TotallyMoney comments: “Our latest calculations estimate that 23 million people are now locked out of accessing mainstream credit — an increase of 3 million in just two years. And the cost of living crisis, a consumer credit crunch, and the banking system’s inability to keep up with changes in society are three key drivers behind this growth.
“Fintech has the power to help people get their finances back on track — and the new Labour government must harness that to kickstart and grow the economy. The FCA recognises the issues with credit reporting in its Credit Information Market Study. And it’s time for action and collaboration, so we can create a system which works for everybody. Only then will people be able to spend, save, and borrow in a way which is fair and transparent.
“Open banking data is a considerable improvement on the traditional credit reporting system. And our new affordability insights feature marks our third use for it, following the launch of the Monitor tool, and open data decision making we’re enabling for our lending partners.”
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