Open Banking Expo Magazine recently caught up with Experian’s Pier Paolo Borgia, Director Products and Propositions EMEA. Pier Paolo will be delivering the keynote ‘From 3 weeks to 3 days: How Open Banking’s arrival is removing consumer friction in credit application across Europe’ during the Open Banking Expo Amsterdam. In this interview, he offered some further thoughts around the impact of Open Banking in the credit reference space.
Excerpt from Pier Paolo Borgia’s Interview:
Q: What is Experian’s contribution in this new Open Banking environment?
Although Experian is not a financial institution, we are globally known as a trusted partner to banks worldwide, enabling them to make the right credit decisions with the right tools and insights. It’s those tools and insights, which we’ve already been working on for several years, that are amongst our major contributions.
One advantage is that our headquarters are in the UK, where Open Banking has been in place since January 2018. In the last year, quite a few banks across the EU region reached out to us, asking how Experian can help them not just to comply with the regulation, but to really harness the era of open data. We work with these banks to show how PSD2 can help them to open strategic business opportunities to grow and to better serve their consumers, powered by our advanced analytics technology. We are able to help with lenders’ ambitions to offer a unified cross border frictionless experience for consumers. We are probably the only actor in the market with an open banking platform, best in class decisioning platform, advanced analytics platform and identity platform that bring together all the ingredients required to provide loans to consumers and SMEs in minutes.
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