We are excited to announce we have partnered with Credit Kudos to bring an extra degree of personalisation into Yobota Platform. This new collaboration will allow our clients to significantly improve affordability and credit risk modelling in their products.
Until recently, financial services have followed a one-size-fits-all model.
Loans and similar financial products are based on credit scoring. Traditional credit bureaus rely on historical data for establishing creditworthiness. This makes it sometimes hard for people or businesses without historical credit data to obtain loans at affordable rates.
Through Open Banking, Credit Kudos (CK) harnesses financial data to establish actual creditworthiness of individuals and businesses, thus covering the traditionally underserved.
Four years ago, Yobota was born as an answer to a growing need for better financial products.
In 2016 we set the grounds of the cloud-based Yobota Platform. By using our infrastructure, financial institutions can tailor financial products to their clients’ needs.
We’ve come a long way since 2016, but we don’t rest on our laurels.
We go forth with innovation. Just like Yobota, Credit Kudos is motivated by a need to do things differently. Better.
The similarity of the two visions, Yobota’s and CK’s, made the decision for partnering up quite natural.
Using Open Banking data, Yobota’s clients will have access to the latest, more complete information, that is usually missing from traditional credit bureaus. This includes real-time income and expenditure, as well as an indication of someone’s future liquidity. More importantly, it delivers more precise and refined risk and affordability measurements to lenders. This, in turn, saves time, increases accuracy, and reduces operational costs.
Ammar, CEO of Yobota, says: “As a rapidly growing fintech company, our faster and flexible cloud-based operating platform allows our clients to create and run innovative financial products faster than other core banking providers. We are therefore delighted to be partnering with Credit Kudos, a leading fintech provider who shares our goal to modernise the financial sector through transformational technology. Credit Kudos’ solution allows our clients to establish a competitive advantage by offering a superior creditworthiness check – using open banking data to help them make better, faster and fairer decisions.”
Why is the partnership with CK important for Yobota?
Because their addition to our platform will enable broadening our offer to our clients – more decisioning models and product opportunities will allow them to refine their overall lending strategies and approaches.
The outcome is that the end-user searching for new credit, including the traditionally underserved, will be able to get new, bespoke product offers. This sharing of financial information can increase the chances of them being approved for credit.
Freddy Kelly, CEO and co-founder of Credit Kudos, comments on the partnership with Yobota: “Forward-thinking companies such as Yobota are revolutionising banking and the banking experience for customers. By working together, we can support Yobota’s clients in becoming more agile and innovative in a new open banking economy. This partnership will make it easier for Yobota’s clients to incorporate open banking into their application, affordability and credit models and make faster, more informed decisions about lending to help them increase acceptances and reduce defaults among customers.”