Gregory Pennington, the debt management company, has integrated an Open Banking solution, provided by Equifax in partnership with AccountScore, into its annual customer review process.
The technology automates an often onerous operation for customers, saving time and inconvenience, as well as reducing Gregory Pennington’s operational costs, according to the company.
Customers will now be able to complete the regulatory-required annual review and financial assessment by simply providing consent for the extraction of transactional data from their current account to populate the financial statement. Before, the review would have been conducted over the telephone and would typically take up to an hour.
Zowie Lees-Howell, financial institutions sales director at Equifax, said: “This is the first UK use case of Open Banking technology being harnessed for annual reviews by debt management companies. It’s a great example of how Open Banking can be mutually beneficial for the service provider, Gregory Pennington, and the consumer.”
Deborah Ware, director at Gregory Pennington, said: “We are excited about the introduction of the Open Banking solution that Equifax and AccountScore have provided and are keen to see how it will improve our customer’s journey.
“It will save them the burden of lengthy calls, and has the additional advantage of generating operational efficiencies associated with the annual review process.”