Loan applications shouldn’t drag on for days just because someone’s bank statement needs printing, exporting, uploading, and then reviewing manually.
But that’s still the bottleneck many lenders face: outdated documentation, back-and-forth with applicants, and a queue of approvals waiting on slow affordability checks.
That’s where Open Banking is changing the game.
By letting borrowers securely connect their bank accounts in real time, lenders can:
- Pull verified income and spending data instantly
- Check affordability with live balances and transaction trends
- Automate key parts of underwriting with better accuracy
- Offer fairer decisions to more people, faster
In this case study, we’ll explore six UK lending platforms that use Open Banking to improve how they evaluate creditworthiness, reduce friction, and deliver faster decisions to borrowers.
Whether you’re building a lending app or optimising credit workflows, these examples show what’s working and how Finexer makes it easy to integrate the same data into your own processes.
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What Counts as a Bank-Data Powered Lender?
Not every lender that claims “fast approval” is actually using Open Banking in a meaningful way.
Some still rely on outdated methods like manual bank uploads, PDF statements, or credit scores alone to assess creditworthiness. These methods delay decisions, introduce errors, and often exclude applicants with thin files or non-traditional income.
A true bank-data powered lender does things differently.
Using secure APIs regulated under the UK Open Banking framework, these lenders ask applicants to link their main bank account in real time. Once connected, the lender can:
- View live income flows and salary deposits
- Spot regular spending patterns and recurring liabilities
- Calculate disposable income from actual transaction history
- Automatically flag unusual activity or financial stress
This creates a faster, fairer credit evaluation, based on real behaviour, not assumptions.
For borrowers, it means no document uploads or manual steps.
For lenders, it means better underwriting models, faster time-to-yes, and reduced fraud risk.
All six platforms in this case study use Open Banking data this way, and each one applies it slightly differently, whether for short-term credit, instalment loans, or affordability scoring.
6 Lending Platforms That Use Open Banking
| Platform | Open Banking Use | Approval Advantage | Best For |
|---|---|---|---|
| Zopa | Connects accounts via ClearScore D•One to pull live income/spending data | Real-time affordability view reduces manual checks | Borrowers wanting fast personal loans with transparent terms |
| Lendable | Uses TrueLayer to verify income and ownership instantly | Instant decisioning with fewer document requirements | Applicants looking for fast credit decisions with minimal admin |
| Abound (Fintern) | Uses Consents Online to analyse 12 months of transaction data | Serves thin-file borrowers using real behaviour, not just credit scores | Individuals underserved by traditional credit scoring |
| Plend | Calculates “PLEND Score” from live bank-feed behaviour | Faster decisions for financially responsible applicants without strong credit files | Ethical borrowers seeking inclusive, document-free loans |
| Updraft | Pulls real-time account data to detect debt and spending stress | Quick consolidation decisions based on actual usage patterns | Borrowers consolidating high-interest credit or overdrafts |
| Tymit | Partners with Equifax to assess affordability using Open Banking data | Sets credit limits based on live disposable income | Users seeking flexible credit with predictable instalments |
1. Zopa
Best for: consumers looking for unsecured personal loans with a quick decision turnaround and transparent terms.
Once known primarily for peer-to-peer lending, Zopa has grown into a major UK digital bank offering personal loans, credit cards, and savings accounts. But what keeps it competitive in the lending space is how it integrates Open Banking to improve the speed and fairness of its credit assessments.
How It Uses Live Bank Feeds
Zopa allows applicants to securely link their primary bank account during the application process. Through its integration with services like ClearScore D•One, Zopa receives live transaction data, covering income patterns, spending habits, and financial stability indicators.
This gives Zopa a full, real-time view of the borrower’s financial life, without relying solely on outdated credit reports or document uploads.
Why It Speeds Up Approvals
By tapping into Open Banking, Zopa can:
- Verify income and salary deposits instantly
- Understand regular outgoings and financial stress markers
- Assess affordability based on actual behaviour, not just credit scores
The result? Faster decisions, fewer manual reviews, and a fairer process for applicants who might otherwise be underserved by traditional credit models.
Key Features Supporting Faster Lending
- Real-time affordability checks via bank-feed integration
- No need for payslips or PDF bank statements
- Transparent loan terms and no hidden fees
- User-friendly mobile interface with credit visibility
Integrations & Technology Stack
- Open Banking data via ClearScore D•One
- Risk modelling enhanced through Equifax and internal analytics
- Native iOS and Android apps for application tracking
2. Lendable
Best For: Borrowers seeking fast personal loans with minimal paperwork and a fully digital application experience.
Lendable is one of the UK’s fastest-growing digital lending platforms, known for using technology to simplify personal loans and credit access. What sets it apart is how seamlessly it integrates Open Banking into the application flow, removing friction for both the borrower and the credit team behind the scenes.
How It Uses Live Bank Feeds
When applying for a loan, Lendable may ask users to connect their main bank account via Open Banking using TrueLayer. This direct connection allows Lendable to view verified bank data in real time, including recent income, account balances, and transaction patterns.
This replaces the need for document uploads and gives a more accurate snapshot of someone’s financial health.
Why It Speeds Up Approvals
By using Open Banking data, Lendable can:
- Confirm bank account ownership without delays
- Spot consistent income and recurring expenses instantly
- Make approval decisions faster with fewer manual checks
It also helps reduce fraud risk by validating identity and transaction patterns directly from the source.
Key Features Supporting Faster Lending
- Instant access to verified bank data using Open Banking
- Fast-track decisions with fewer document requirements
- Predictable repayment terms and early repayment options
- Designed for quick approval on mobile or desktop
Integrations & Technology Stack
- Open Banking integration
- Custom scoring models combining credit and transaction data
- Built-in fraud prevention using behavioural insights
3. Abound (formerly Fintern)
Best For: Applicants with thin or limited credit history who want a smarter, more inclusive lending option.
Abound is redefining how affordability is measured in consumer lending by relying less on credit scores and more on how people actually manage their money. The company’s model is built around Open Banking, making it one of the clearest examples of a bank-data powered lender in the UK.
How It Uses Live Bank Feeds
Abound invites applicants to connect their main bank account using Open Banking APIs provided by Consents Online. Once connected, the platform pulls in up to 12 months of transaction history, including income deposits, bills, subscriptions, and spending behaviour.
This data feeds directly into Abound’s proprietary credit engine, which analyses affordability in real time, without asking applicants for documents or PDFs.
Why It Speeds Up Approvals
By working directly with Open Banking feeds, Abound can:
- See income consistency across salary and benefits
- Spot budget resilience and spending stress
- Offer loans to people with thin credit files but strong bank behaviour
It dramatically shortens the underwriting cycle while expanding fair credit access to borrowers who might be overlooked by legacy lenders.
Key Features Supporting Faster Lending
- Affordability modelling built entirely on live bank data
- No reliance on traditional credit scores
- Transparent interest rates based on personal financial behaviour
- Fully automated decision flow using real-time analytics
Integrations & Technology Stack
- Open Banking via Consents Online
- Real-time transaction analysis using proprietary models
- Multi-source credit data enrichment layered with bank feed insights
4. Plend
Best For: Borrowers with limited or no credit history who want access to ethical loans based on their actual financial behaviour.
Plend is on a mission to create a fairer lending ecosystem by using Open Banking to see the full picture of a borrower’s finances, especially for those who are underserved by traditional credit scoring. Its model prioritises transparency, inclusivity, and real-time financial insight.
How It Uses Live Bank Feeds
Plend uses Open Banking to access live transaction data from a borrower’s main bank account. This allows the platform to understand financial patterns like consistent income, responsible spending, and existing financial commitments.
According to its Open Banking case study, Plend’s “PLEND Score” is calculated not from credit reports alone, but by analysing live financial behaviour pulled directly through bank feeds.
Why It Speeds Up Approvals
With this richer dataset, Plend can:
- Make lending decisions based on real-world affordability
- Extend credit access to individuals with limited credit history
- Eliminate unnecessary paperwork from the application process
That means faster approvals for more people, with less friction and more fairness built in.
Key Features Supporting Faster Lending
- PLEND Score based on Open Banking insights
- Fairer approvals through inclusive underwriting models
- Real-time affordability views via bank feed analysis
- No hard credit check during pre-qualification
Integrations & Technology Stack
- Open Banking connection via direct API integration
- Behavioural data analytics for scoring and affordability
- Bank feed enrichment through FCA-regulated data partners
5. Updraft
Best For: People looking to consolidate credit card or overdraft debt using smarter financial tools that assess current behaviour.
Updraft positions itself as a credit alternative designed to help users pay off expensive borrowing like credit cards and overdrafts. To do this effectively, it uses Open Banking to gain a full view of a user’s finances right down to spending behaviour and debt exposure, before making a lending decision.
How It Uses Live Bank Feeds
During onboarding, Updraft users connect their accounts through Open Banking. This lets the platform analyse real-time balances, income deposits, debt repayments, and credit utilisation, all without relying solely on static credit reports.
These insights allow Updraft to build a financial profile based on how people manage their money, not just on historical defaults.
Why It Speeds Up Approvals
By embedding bank-feed insights into its approval process, Updraft can:
- Spot expensive borrowing patterns that need refinancing
- Verify income and financial stability instantly
- Offer pre-approved limits faster, with better risk calibration
It’s a smarter, data-driven way to support responsible lending, especially for borrowers who want to consolidate high-interest debt quickly.
Key Features Supporting Faster Lending
- Instant access to linked accounts via Open Banking
- Automatic debt detection and personalised refinancing offers
- Credit improvement tools baked into the lending experience
- In-app insights on spending and saving habits
Integrations & Technology Stack
- Open Banking via regulated UK API partners
- Native mobile experience with real-time spend visibility
- Risk and pricing models built on current account behaviour
6. Tymit
Best For: Borrowers looking for flexible credit with predictable repayments and a fairer assessment of their financial position.
Tymit takes a unique approach to lending by offering a flexible instalment credit card, allowing users to spread purchases over time without hidden fees. What powers its affordability-first approach is the use of Open Banking to validate income, spending behaviour, and financial health at the application stage.
How It Uses Live Bank Feeds
Tymit integrates Open Banking into its onboarding flow, asking users to securely connect their primary bank account. Partnering with Equifax and Open Banking data providers, Tymit reviews recent income, fixed outgoings, and transactional behaviour to ensure repayments are manageable.
This real-time view supports smarter credit decisions and reduces default risk without relying exclusively on traditional credit bureau data.
Why It Speeds Up Approvals
With Open Banking data built into the credit model, Tymit can:
- Offer personalised credit limits based on live disposable income
- Avoid unnecessary rejections for applicants with thin credit files
- Reduce manual reviews through automated financial checks
The result is a faster, more accurate approval experience that aligns credit with actual financial behaviour.
Key Features Supporting Faster Lending
- Instalment-based card with Open Banking-backed affordability
- Real-time budget insights built into the app
- No hidden fees, late charges, or revolving interest traps
- Personalised offers based on live financial data
Integrations & Technology Stack
- Open Banking data layered with Equifax insights
- In-app credit modelling using live financial profiles
- Secure bank connections via regulated UK providers
Finexer – The Quickest, Most Affordable Path to Live Bank Data
Building your own Open Banking connection can drain budget and engineering time. Finexer removes that burden with a single, developer-friendly API that plugs straight into any lending workflow.
Why lenders choose Finexer
| Benefit | What it means for your team |
|---|---|
| Connect to 99% of UK banks in minutes | One unified API delivers read-only access to current-, savings-, and credit-card accounts—no multiple integrations or scrapers. |
| Live balances and transaction feeds | Pull verified income, outgoings, and disposable-income snapshots on demand, enabling instant credit decisioning with fresh data every time. |
| Usage-based pricing | Pay only for the calls you make. No set-up fees, no monthly minimums, and clear per-connection costs—ideal for lenders scaling volume gradually. |
| Launch in days, not months | Clear docs, ready-made SDKs, and 3-5 weeks of hands-on Assistance, keeping product roadmaps on track. |
| Regulated and audit-ready | Finexer’s FCA-authorised infrastructure handles data securely and meets UK Open Banking standards, easing your compliance workload. |
What you can build with Finexer
- Instant affordability checks – fetch 4-5 Years of income and spending history in seconds.
- Real-time credit monitoring – refresh borrower data on a schedule to flag emerging risk.
- Smooth borrower journeys – in-app account-linking keeps applicants engaged, boosting conversion.
Get Started
Connect today and see why businesses trust Finexer for secure, compliant, and tailored open banking solutions.
Try NowWrapping Up
Open Banking already lets lenders cut waiting times and make fairer decisions. The six platforms in this guide prove it works: they read live bank data, confirm income and spending on the spot, and give borrowers a clear answer fast.
You can build the same experience without a big budget or long project plan. Finexer plugs straight into your workflow, links to 99 % of UK banks, and charges only for the data you use. Most teams start testing within a few days.
Curious? Book a short demo and see how quick it is to bring real-time bank data into your lending flow.
What is a bank-feed affordability check?
It’s a process where a lender reads real-time income, expenses, and balances directly from a borrower’s bank account (with consent). This gives a live view of what someone can afford, without needing documents.
Is it safe to link a bank account during a loan application?
Yes. UK-regulated Open Banking providers use encrypted APIs and never share login details. The connection is read-only, meaning no one can move money or make changes to the account.
Does using Open Banking affect my credit score?
No. Connecting your account for an affordability check is not a credit search and doesn’t leave a mark on your credit file.
Need instant income and affordability checks? Try Finexer that connects you instantly to 99% of UK banks with a single API.