PwC partners Credit Kudos for digital banking ecosystem

PwC has selected Credit Kudos, a challenger credit bureau, to help it build its new digital banking ecosystem.

The professional services giant has selected Credit Kudos as a key FinTech partner as it builds a sandbox platform for testing its digital banking ecosystem, which aims to demonstrate the ease of shifting a legacy bank model to a partnership banking model.

The ecosystem will bring together a number of cloud-based platforms using software-as-a-service (SaaS) APIs to integrate disruptive technology companies into legacy bank systems.

By plugging into the resources of the PwC ecosystem, this can allow a bank to quickly meet changing customer expectations, without the need to develop this technology themselves.

As the credit bureau of choice, Credit Kudos will offer an alternative way to measure creditworthiness using Open Banking data instead of historical borrowing information.

Freddy Kelly, chief executive and co-founder of Credit Kudos, said: “PwC’s digital banking ecosystem is an important milestone in the banking sector as the power of open banking data gains momentum, and we’re excited to be a part of this journey.

“Our API provides financial institutions with valuable insights and personal data not available through traditional credit bureaus and will allow them to re-evaluate their decisions to create new customer offerings and additional revenue streams.”

PwC analysis suggested technological step changes in the banking sector could bring a boost of more than £34.6 billion to the UK’s economy by 2030.

Mike Kennelly, director of financial services technology consulting at PwC, said: “The third wave of digitisation is emerging where open APIs and open platform banking are rapidly changing the shape of financial services - legacy banks need to move towards ecosystem banking where they can leverage third parties to extend their customer reach and implement a new disruptive business model."

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