Open Banking Explained
Salad’s Open Banking Explained is a standalone educational video designed to demystify a concept at the heart of our lending approach.
How It Works
Open Banking allows customers to securely share current bank transaction data with authorised financial providers, with consent, to obtain a fuller picture of their financial behaviour.
Why It’s Important
Unlike traditional credit scoring, which relies on historical payment behaviour and can overlook real financial stability, Open Banking “can provide greater insight into income and expenses.” This means lenders can make decisions for borrowers who may be credit-invisible.
Key Messages
The video emphasises that Open Banking is safe and always requires the customer’s consent before data is shared.
Conclusion
Through simple explanation and real-world examples, this video offers clarity on a complex topic, making it essential viewing for anyone interested in modern credit solutions.