Finexos is delighted to announce a new strategic partnership with credit reference agency (CRA) and Open Banking Provider, AperiData. AperiData is an FCA-authorised CRA founded to modernise and transform the way businesses access, understand, and utilise alternative data to better serve their customers.
The collaboration opens the door further to enhance financial inclusion, support borrowers in consolidating higher interest debt onto more favourable terms and reduce default rates and costs for lenders. There is strong synergy between Finexos and AperiData, with both companies pioneering harnessing the power of AI and real-time data to make financial assessments better and fairer for both consumers and financial institutions.
The initial focus of the partnership aims to utilise these technologies to empower credit unions and smaller lenders, enabling them to capitalise on the benefits of open banking in serving their communities by making more informed lending decisions and providing tailored financial solutions to their members. We look forward to sharing further news of these developments in the near future.
Finexos Executive Director, Darren Smith, commented, “We are absolutely delighted to be working with AperiData. Through partnerships between innovators in the credit decisioning sector, access to credit for borrowers can be expanded and outcomes for both borrowers and lenders can be improved, and the benefits multiplied. Our teams have moved quickly to progress opportunities to add further value to all stakeholders.”
AperiData CEO, Stephen Ashworth, said, “Collaboration breeds innovation, and in partnering with Finexos, we’re fostering a realm where access to credit thrives, benefiting both borrowers and lenders alike. We are excited to be working with Finexos, empowering lenders to provide fairer finance for all.”
We look forward to working closely with AperiData to unlock new opportunities for financial institutions to leverage data-driven insights and technology to better serve their customers and drive positive outcomes in the credit industry.
Read more about what we’ve been up to on our mission to safely enable more people to access affordable credit.
Today, credit scores are a crucial part of everyday life. They affect everything from mortgages to mobile phone contracts, and a poor score or lack of history can be a real barrier. But when were credit scores invented and how did they evolve?
Lending analytics uses data to offer valuable insights for credit unions, banks, fintech and NBFCs (non-bank financial companies) to make faster and better decisions. It efficiently evaluates, processes and completes financial analysis on loan applications.
The Financial Conduct Authority’s (FCA) Consumer Duty has redefined how financial services companies approach customer protection. At its heart are the four Consumer Duty outcomes – a framework designed to ensure products and services not only meet regulatory expectations but actively deliver good results for consumers.
Data from Fair4All Finance shows that 20.3 million people were living in financially vulnerable circumstances as of 2024 – an increase of 16% from 2022. Financial vulnerability can be caused by a range of factors but is universally harmful to both affected individuals and lenders.
An affordability check determines whether a borrower is qualified to receive a loan. Many factors go into deciding whether a borrower is qualified, such as their income, regular bills and in some cases even postal code.
Affordability assessments are a crucial part of the approval process for almost any financial product, from mortgages to personal loans. But what are they, how are they used, why are they so important, what criteria do they assess and what does the process look like?
The Bank of England’s latest survey on AI in financial services revealed that 75% of firms are already using artificial intelligence (AI), with a further 10% planning to use AI over the next three years. The development and implementation of AI programs requires significant financial and operational investment which not all lenders have the capabilities to undertake.
AI is transforming lending operations and unlocking a world of possibilities for consumers and lenders alike. By providing tools to improve decision-making, the utilisation of AI in lending is helping to create more financial inclusion and credit access for an underserved market. A credit decision engine that uses advanced AI also reduces operational overheads and increases efficiency.
The adoption of generative AI for the finance sector is becoming essential for managing data, mitigating risks and enabling data-driven decisions. Businesses embracing this solution are solving challenges faster and gaining a competitive edge in an ever-changing landscape. Many sectors are already using a form of AI to become more efficient, but generative AI is capable of doing so much more.
Optimising and future-proofing Loan Management Software (LMS) is crucial for adapting to evolving market demands and thriving in a competitive landscape. The use of AI is growing as a means to this end, but what are the key considerations for LMS providers when adopting it to achieve the best results?
The Consumer Duty has reshaped the regulatory landscape for UK financial services and is increasingly becoming the underpinning principal of the FCA’s supervisory approach. It sets high standards of consumer protection across financial services and requires firms to put their customers’ needs first. Lenders must ensure that their products deliver genuine value, protect customers from foreseeable harm, and equip them with the information necessary to make informed decisions.
The Bank of England’s latest survey on AI in financial services revealed that 75% of firms are already using artificial intelligence (AI), with a further 10% planning to use AI over the next three years. The development and implementation of AI programs requires significant financial and operational investment which not all lenders have the capabilities to undertake.
Finexos has formed a new partnership with Endava plc, a leading technology services company.
Finexos’ AI-powered credit and affordably risk, analytics and data science platform has been accepted onto the Financial Conduct Authority’s (FCA) Innovation Pathways.
Finexos has partnered with all-in-one loan management system, Fintech Market, to enhance credit decisioning.
Finexos is delighted to announce our achievement of ISO 27001 accreditation, enabling demonstration of gold-standard data protection.
Finexos’ AI-powered credit risk and analytics platform has been accepted into the Financial Conduct Authority (FCA) Digital Sandbox.
The Finexos team is delighted to share that the company has joined Innovate Finance, the independent industry body and voice of UK FinTech.
Finexos has partnered with NayaOne to provide advanced AI-powered Loan Book Vulnerability Analysis (LBVA), that reduces defaults and increases Return on Capital Employed (ROCE), via the NayaOne marketplace and Digital Transformation Platform.
The Consumer Duty is now in force for new and existing products and services.
In a recent BBC interview, the EU’s Competition Chief, Margrethe Vestager, expressed her concerns about the potential for AI to amplify bias or discrimination in loan and mortgage decisions.
The Finexos Board is delighted to announce the appointment of Darren Smith as Chief Executive Officer.
Growth Capital Ventures has led a £695,000 investment round into Finexos, a fintech platform set to improve access to credit for millions of people around the world.
