When talking to customers about Open Banking the two questions we get asked most frequently are 1) can I see it in action (does it really exist) 2) do I need to be a registered AISP. I'll be going through both of these in this post. If you haven't already read the other two posts in this series check them out here Practical Guide to Open Banking and PSD2 Part I: Lending, and here Practical Guide to Open Banking and PSD2 Part II: Are you ready?
Helping small businesses access finance quicker with automated loan-origination processes
Small businesses rely on finance options to purchase and upgrade the assets that are essential to their growth. Traditionally, applying for finance was a time-consuming and frustrating process for the customer, requiring extensive paperwork and a lengthy wait for a decision.
Luna Connect is revolutionising the loan-origination process, utilising automation technology to help traditional lenders compete online and to help small business owners access finance quickly and effectively.
Recently, we worked with Irish company SME Finance & Leasing to increase their market share by providing a convenient and easy-to-use online solution for their borrowers.
In this post I'll outline how to plan your Open Banking project, and ask is Open Banking ready, is your business ready, and most importantly are your customers ready. If you haven't read Part I of this series you can read it here Practical Guide to Open Banking and PSD2 Part I: Lending.
The OBIE in the UK publishes a monthly report on the Open Banking ecosystem, regulated entities and providers. This is a great source of information on adoption, and the Open Banking February Highlights provides stats on the number of successful API calls having risen from 280.5 million to 321.3 million (December 2019 to January 2020).
In this post, and the next 2 blog posts, I'll cover how Open Banking and PSD2 can be used practically, today. Lending is changing from face to face and phone interactions to self-service online digital experiences, and this is being accelerated globally to protect staff and customers from the spread of COVID-19 (Coronavirus). Data and APIs are the key ingredients in driving down costs and risk, increasing automation, and delighting borrowers with amazing customer experiences.
Life Credit Union focuses on making member’s lives simpler with Luna Connect
Life Credit Union and Luna Connect have launched a new solution to speed up lending processes for both new and existing members by completing all the documentation required for their loan application online using Luna Connects digital platform.
Artificial Intelligence is transforming the way we bank. Fintech companies and start-ups are causing a revolution within the lending world, and as the ever-growing importance of data analysis for making informed business decisions increases, so does the demand for artificial intelligence and automation in modern business.
We are thrilled to be participating in Data Pitch, an open innovation programme that helps start-ups and SMEs innovate with data. On the Data Pitch Accelerator, Luna Connect applied machine learning models to automate lending for SMEs across the UK and Ireland, therefore providing quicker lending decisions.
Silicon Republic: Our Start-up of the Week is Luna Connect, a digital platform for lenders that makes it easier to provide loans online
"Luna Connect reduces origination and processing costs and risk for the lenders while providing a better experience for borrowers with quicker decisions and improved customer service"
It was great to feature in the Irish Times as "A new digital disrupter in the lending landscape", to read the full article go to the Irish Times site here