Nov 16, 2020: Open Banking Lending w/ OakBrook Finance

Written by Gertjan De Wilde

That was phenomenal! We received a lot of great feedback for the weekly update and will continue to provide you with market-leading data! As part of our passion to continue providing you with industry-leading information on the open banking Segment globally. This update will have the weekly additions to the Open Banking Tracker (Banks, APIs, TPPs, etc.), and an interesting new use case for open banking!

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Our Current Coverage

We track 543 banks providing open banking services! (+8 from last week!) 981 APIs currently tracked on our platform! (+4) 161 TPPs in the ecosystem! (+119) 81 Global markets covered! 24 API Aggregators! Track over 60+ data points for all open banking projects! And we are growing on a continuous basis... 🚀🚀🚀

Weekly Developments (Nov 9th to Nov 16th):

We initiated coverage and provided open banking information for:

Open Banking Use Case: Open Banking Lending w/ OakBrook Finance

Oakbrook Finance has become the first UK lender to return a fully automated open banking lending decision via a third-party aggregator by teaming up with market-leading credit scorer and product marketplace ClearScore and data analytics provider AccountScore.


Oakbrook’s new venture offers customers a new application journey and pre-approved offers that reflect their personal circumstances without impacting their credit scores.

The aggregation play will be delivered through its Likely Loans go-to-market brand and represents the latest stage of an open banking strategy that has seen it make significant investments in new technology, talent acquisition, and building strategic partnerships.

This new venture will create a friction-free loan application journey for consumers. Where a customer has already consented to ClearScore using their open banking data for lending offers, this data will then be used to help assess their eligibility for a loan with Oakbrook.

Using AccountScore’s data capabilities and Oakbrook’s own proprietary O6K technology, Oakbrook can process the raw open banking data and traditional credit bureau data to return a personalized, pre-approved decision within seconds – giving the consumer greater confidence to apply.

What is the general takeaway...

When open banking comes into play, lenders can use live financial transaction data gathered from someone’s bank account with their permission and enable brokers/lenders to speedily assess risk and affordability, thereby allowing them to issue loans responsibly. This also benefits customers tremendously by having a more detailed picture of particular circumstances and credit journeys lenders can offer more bespoke, and likely better, credit terms.


Please feel free to email us back with any coverage or data requests to implement or improve our current data set! We are a customer centric provider and want to make sure our users are as satisfied as can be!

We also highly recommend you to follow our Twitter @BankingTracker for tracker updates, @BanqNetwork for FinTech news, and @Banq_ai for business updates! If you enjoy our newsletter, then please share it - either by forwarding to your contacts or sharing this link on social media.

Have a great week and stay safe!

The Banq team

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