To put it simply, Open Banking is a secure way to give providers access to your financial information. They will only access this information once you have given your permission.
It should encourage innovation and improve competition, by making it easier and more straightforward for you to hold multiple accounts and compare or switch financial products.
At Shawbrook, if you apply for a personal loan and we do not have enough information about whether you can afford it, we may ask you for more details about your current financial circumstances to make a decision. To do this in the most efficient way, we can use Open Banking. By teaming up with consents.online they can access your banking transactional data and pass this data back to us once you give them your permission. We can then assess your application with the additional information and give you a final decision, in a way that is quick and easy for both you and us.