LendInvest is a tech-driven property finance platform dedicated to offering property professionals a simpler and more flexible way to access commercial property finance. It selected Credit Kudos to speed up its time-to-decision with a smoother customer journey, and to enhance affordability and credit risk assessments using Open Banking-enabled risk insights.
Unlike traditional credit assessments, Credit Kudos uses Open Banking data to provide lenders with a holistic, up-to-date view of an individual or business’ current financial situation. Leveraging both bank transaction data and loan outcome data, it produces insights to help lenders make more informed credit decisions.
Credit Kudos’ technologies enable a much smoother experience for both the customer and lender; removing the need to manually upload documents, and allowing lenders to automate more of the underwriting assessment process. Already, LendInvest has seen a 50% reduction in assessment times.
Open Banking insights are also helping LendInvest open up its offerings to a wider audience to support those it couldn’t previously serve, such as self-employed and sole traders who may not have conventional income patterns. This smoother, faster application process has also already delivered a 26 percentage point increase in Open Banking conversion rates since going live in February.
Arman Tahmassebi, COO of LendInvest, commented:
Credit Kudos, founder and CEO, Freddy Kelly, added:
Credit Kudos’ technology is fully integrated within LendInvest’s application process for buy-to-let mortgages. It will be rolled out and integrated within additional services in the near future.