In our ongoing series, our FinTECHTalents FinTech of the week is Credit Kudos, a credit reference agency that helps lenders make better and faster credit decisions using Open Banking data.

Freddy Kelly, CEO of Credit Kudos discusses how they are better than traditional credit bureaus, how Open Banking underpins their banking model, how they build customer trust and their plans for 2020.

“Any machine learning problem is only as good as the data you have to put in the top and obviously we need consumer trust to get data to do what we do and so it’s fundamental to the business,” says Kelly.  “I think there’s been historically a lot of mistrust or at least misunderstanding in terms of credit and how credit reference agencies actually work. Part of the problem is the fact that they own, or at least have, a lot of our data even though we never really signed up or asked to be their customers….What we’re doing with Credit Kudos is we’re building a consent based model for consumers. We never charge the consumer for the services we provide, our revenue comes from the lenders. The benefits to the consumer are actually realised in them being able to get access, use their data for their own benefits. So trust is key to that.”

Watch the video now:

Watch Credit Kudos on the FinTech Stories Stage at FTT19 now: