The lender said that open banking was a “secure way” for consumers to share personal details with financial providers with consent, which would allow them to get better deals and foster further competition amongst lenders.

Tab added that it would improve data privacy and security as well as making it easier for borrowers to view and make payments, improve transparency and lower risk.

Open banking can be accessed through a dashboard interface where borrowers can log-in and view details of their loan and make payments online.

 

Tab: ‘Committed to innovation’

Duncan Kreeger (pictured), CEO and founder of Tab, said the lender was “committed to innovating in this space” and the innovation had taken its borrower platform to the “next level”.

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“This means more flexibility and control for our clients and borrowers, as well as increased security and efficiency.”

He added that clients could interact with bank and make payments online directly from their bank account.

“Open banking has the power to inspire a better relationship between us and our borrowers — it’s the future of money. Borrowers will be able to see where base rate changes affect their payments via the borrower portal, improving transparency.

“And increased transparency about payments will help us verify borrowers quicker and make decisions faster. It’s a win-win,” Kreeger explained.

He said it was more than being fast or user-friendly and its policies and product innovations “aim to safeguard the environment where possible and environmental considerations such as going paperless and adopting new efficient technologies are important to us”.

“Financial institutions pursuing open banking solutions have a responsibility to do more than just comply with regulatory guidelines in place. In becoming more inclusive, open banking ventures intrinsically support the premise of the “S” in ESG – environmental, social, and corporate governance,” Kreeger noted.

 

‘Only the beginning’

Mark Gillis, Tab’s director of technology, said, “Our borrower portal is market-leading for bridging industry fintech and a game changer for Tab and our borrowers. And this is only the beginning of our open banking journey.

“Soon borrowers will be able to produce a redemption statement instantly. We’re also creating a document store which will give easy access to loan documents, legal agreements, loan balances and payment details. Our vision is for Tab to keep innovating until our system becomes the gold standard in the market.”