LendInvest has teamed up with Credit Kudos in a move it says will streamline the underwriting process and allow it to leverage Open Banking enabled insights for credit assessment.
LendInvest, founded in 2008, is a property finance platform which allows property professionals to access commercial property finance.
The PropTech said it selected Credit Kudos, a challenger credit reference agency, to speed up its time-to-decision, enable a smoother customer journey, and improve credit risk assessments using Open Banking.
Credit Kudos’ technologies remove the need to manually upload documents according to LendInvest, allowing lenders to automate more of the underwriting assessment process.
LendInvest claimed it has already seen a 50 per cent reduction in assessment times, and a 26 per cent point increase in Open Banking conversion rates since adopting the technology in February.
“Getting rid of the manual documentation process has allowed us to offer a far faster and more convenient service,” said Arman Tahmassebi, chief operating officer of LendInvest. “Although we have been using Open Banking for two years, this new partnership with a like-minded FinTech has allowed us to take it to the next level and really reap the benefits of the technology.”
“The greater insights are empowering us to make better informed, faster lending decisions to more people.”
He added: “We have been particularly impressed with the seamless integration of Credit Kudos into our system - the new dashboard is highly intuitive and it's already helping us serve more customers.”
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