What is Open Banking?
Open Banking is a service that allows customers of UK banks to share some of their financial data with authorised businesses.
It allows customers to authorise their bank to share the electronic equivalent of bank statements quickly and simply. If you use Open Banking your bank will only share data with businesses you authorise, and you can withdraw that consent at any time.
Businesses that use Open Banking are regulated by the Financial Conduct Authority. These businesses are varied but include those who provide tools for managing your money in one place and finance companies such as Oodle.
A business asking for Open Banking access should always tell you what data they will access, how they will use it and how long they will have access to it for.
At Oodle we use Open banking in two ways:
- If you apply for a new loan we want to make sure it is affordable for you. To help us do this we may ask you for documents such as bank statements but you can also use Open Banking to share the same information in minutes, so it is simpler and quicker for you.
- If you are struggling with your payments to an existing Oodle loan we will try to help you. To understand your financial position and how best to help you we might ask for access to your bank statements via Open Banking. You can provide this information manually if you prefer but using Open Banking makes the process easier and quicker.
If you want to learn more about Open Banking, click here.
To understand more about how we use your personal data accessed via Open Banking, please see our privacy notice here.