AperiData, the Open Banking credit bureau, has launched a real-time credit score, in a bid to increase financial inclusion.
With the launch of AperiScore, AperiData aims to offer more than traditional credit bureau data by enabling accurate, real-time scoring of all applicants, including those with limited credit history or minimal credit records.
AperiScore leverages millions of Open Banking transactions, combined with AperiData’s advanced risk insights and models, to accurately predict an applicant’s ability to repay and generate a score. The firm hopes this will improve acceptance rates and expand access to financial products for underserved populations.
Stephen Ashworth, CEO at AperiData, said: “AperiData is on a mission to improve financial inclusion by revolutionising credit scoring and lending processes, and modernising the way businesses access, understand, and utilise data to better serve their customers.
“Financial assessments should be fair and ethical, and grounded in the most accurate and up-to-date financial information which is why we have leveraged our powerful proprietary platform to enable a completely new approach to credit scoring and financial assessments.
“AperiScore will empower businesses to say yes more and drive consumer trust by providing precise, real-time data that is accessible and accurately reflects their financial truth. Importantly, it works to nurture an environment of increased choice based on trust for both businesses and consumers.”
A major driver behind this technology is the rising number of credit-invisible adults in Britain, which increased from five million in 2022 to 5.6 million by the end of 2023, according to research by Finder.
Additionally, one in 10 adults have no credit history, making it difficult for them to access mainstream financial services such as mortgages, loans or credit cards.
Ed Adshead-Grant, Non-Executive Director at AperiData, commented: “Using real-time bank data enables a step change in risk decisioning when compared with traditional scoring approaches. AperiData is effectively moving the world from batch to online, creating a whole new capability within the lending and credit scoring space.
“We look forward to driving the modernisation of the industry with the adoption of AperiScore for any lenders and traders who want the full financial truth.”
Open Banking is constantly evolving and discovering new applications. Last week, Ozone API, the model bank provider for Open Banking Ltd (OBL), released an updated version of the UK Open Banking model bank.
