What is Open Banking?

Open banking lets you share a snapshot of your financial data such as your income, expenditure, credit and loan payments and your spending habits with us so we can make an assessment on your loan application. It is basically a way of seeing your bank statement online.

We will ask for your consent to access your information as part of the application. Once you’ve given consent you’ll be redirected via our partners at Experian to your online banking login page where you’ll enter your security details directly. The page will look a little difference but don’t worry, you will be directed back to your application once completed.

We won’t see or be given your log in and security details when you do this. Your bank will then share your online bank transactions with us.

Remember this is just a snapshot of your last 12 month’s transactions, we can only view what is on your statements on the day you share.

Is it secure?

Your information is safe as we comply with all the rules and regulations for Data Protection and GDPR. You can withdraw your permission at any time.

What if I don’t want to share my information by Open Banking?

If you’re not comfortable sharing your account data with us you don’t have to.

We will still need to see proof of your transactions so you will need to email a pdf of your last two month’s bank statements to loan@wisewithmoney.org.uk. This may mean your application will take a little more time.

Will it affect the loan decision?

Using Open Banking will mean we can process your application more quickly, but don’t worry – not using it will not affect the decision we make.