The Future Of Lending

In Episode 2, Liam from the DirectID team interviews James and Harry and prompts reflection on the last decade in their respective industries. As The Lending Standards Board approach their 10-year anniversary, Harry discusses how they’ve had to adapt and update their standards in line with an ever changing regulatory environment. James reflects on the ten years that he's worked with bank data, outlining his predictions for the future of Open Banking and relaying his opinions on the newly coined 'Open Finance'.  

In the world of Open Banking and FinTechs, and with the speed of technological change affecting the financial industry, how can consumers be confident in how their data is being used and who is using it? What can financial services firms, traditional banks, lenders, FinTechs and intermediates do to improve consumer confidence?The success of data sharing through technology is dependant on consumer engagement, whether it is personal consumers or SMEs. One of the reasons organisations cite for consumers not engaging, or having concerns about Open Banking, is their fear around the use of their data. Are these fears founded and what can the industry and individual firms do to improve consumer confidence in the use of their data and Open Banking?James Varga, CEO of The ID Co., joins Harry Hughes, Senior Insights Manager at the Lending Standards Board, sit down to discuss all this, and more, in our two-part podcast.

In the world of Open Banking and FinTechs, and with the speed of technological change affecting the financial industry, how can consumers be confident in how their data is being used and who is using it? What can financial services firms, traditional banks, lenders, FinTechs and intermediates do to improve consumer confidence?The success of data sharing through technology is dependant on consumer engagement, whether it is personal consumers or SMEs. One of the reasons organisations cite for consumers not engaging, or having concerns about Open Banking, is their fear around the use of their data. Are these fears founded and what can the industry and individual firms do to improve consumer confidence in the use of their data and Open Banking?James Varga, CEO of The ID Co., joins Harry Hughes, Senior Insights Manager at the Lending Standards Board, sit down to discuss all this, and more, in our two-part podcast.