How open banking can help your finance agreement

Industry news

How open banking can help your finance agreement

23rd June 2021

So, you might have heard of open banking but what exactly is it? Simply put, it’s a super safe way to give finance providers access to your financial information.

Okay, so the idea of sharing your financial details might sound scary at first but it’s secure, time-saving and transforming the way customers manage their finances. 

We believe in helping Unity customers at every stage of their lending journey. That’s why we are committed to ensuring you have a straightforward experience and have access to all of the services you need to make that possible.

One of those services is open banking.

What makes it safe?

Open banking is a service that gives you the ability to share your banking data. In short, you authorise a business (in this case, us!) to receive electronic bank statements. 

These are very similar to the online banking statements you might usually get on your phone. This makes it easy for us to get the information we need quickly!

Every provider that offers this service must be regulated by the FCA aka the Financial Conduct Authority. 

With open banking, customers can enjoy greater transparency. We will be completely open with you when you use this service. That starts with telling you exactly what we’ll be looking at. We will also let you know how long we will have access to your information for and you can revoke permission at any time.

What are the benefits?

There are even more benefits to open banking. One of the most appealing is that it empowers customers by giving them more choice and control. You can take charge of your finances and make informed decisions to manage your account.

Plus you can avoid the dreaded clutter that comes with having to hoard physical copies of your documents. Not to mention the environmental impact you can prevent!

Using open banking means, we can access your information online in a matter of minutes. Saving us all time, whilst doing our bit for the planet one piece of paper at a time!

As a lender that aspires to support everyone, open banking also helps us to help you. If you are ever having issues keeping up with your monthly repayments, we can assess your financial position instantly to work out a solution that works for you.

Fear not, as we can always do business the traditional way if you are not comfortable with this. Whichever way you choose, we will always make it work for you.

Open banking is said to be the future of FinTech. It’s safe to say it’s here and it’s here to stay. And we think that’s a great thing!

Take back control of your data and make the most of your experience with our open banking service.

You can learn more about open banking here. If you want to find out what else Unity can do for you, get in touch here.