Freedom Finance use case
Open Banking enabled lending marketplace
About Freedom Finance
Freedom Finance is a UK-based loan broker specialising in unsecured personal loans, secured loans, debt consolidation, homeowner loans, holiday loans, car loans and home improvement loans.
What's the Open Banking use case?
Freedom Finance launched the Fusion Score, the first Open Banking enabled score that creates a single metric that interprets a customer’s eligibility based on both credit and transactional data, a first for the lending industry.
The Fusion Score changes the whole dynamic of applying for credit by bringing open banking technology to the top of a multi-product pre-qualification journey for the first time. As the name suggests, the score itself is a single metric which interprets a customer’s eligibility by harmonising credit data with insights extracted from their consented transaction data. The customer receives a personalised score and a transparent explanation of all the factors driving it; lenders receive an enriched application allowing them to make offers to segments which they previously could not access.