Predictions from Ishaan, CEO of Trussle, one of our portfolio companies in Fund II. There’s been a lot of discussion around open banking this year from all of the major banks, with lending being a focus point. As we look forward to 2019, we’ll see the continued progression of digitising the mortgage industry, particularly harnessing the latest technological advances from open banking.
This will allow the industry to better understand our customers, ensuring that we can assess the best mortgage deals for them based on their own individual circumstances. We expect to see lenders trialling a new approach to underwriting, combining traditional credit data with transactional data from open banking to get a richer view of their customers’ financial situations. This will enable underwriting to become quicker, more accurate and personal. With a shift in consumer needs, we hope that over time this will allow lenders to adopt a more sophisticated approach to underwriting those that have been traditionally underserved including those without much credit history in the UK and the self-employed.