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04
FEB
2019

Open Banking

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At Genesis we’re always looking for ways to improve our customers’ experience, whether that is #goingtheextramile to meet them at their premises, working out of hours to provide urgent funding or structuring a solution for situations that other lenders have rejected.

We also regularly review our internal processes and procedures to identify areas where we can improve how we operate, in order to make our customers’ interactions with us easier. Applying for finance requires gathering various pieces of information together for us to then review and we know from experience that it can be frustrating to have to keep sending in additional information or re-send information in a different format.

That’s why we’ve followed the development of Open Banking closely. Open Banking is a UK government mandated scheme whereby major financial institutions, such as banks, are required to share their data with authorised third-parties. It gives the customer control of their bank account data and enables them to share this information securely,instantaneously and electronically. Customers who make use of Open Banking can do away with the downloading of bank statements to send in with finance applications, saving time and hassle whilst speeding up the application process.

We’re delighted to announce that we’ve partnered with a leading Open Banking specialist to enable our customers to send their bank account data directly and securely to us. Customers who use this option will be able to save time by sharing their data with us, enabling us to review their applications quicker and provide them the funding they need sooner.

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