How Experian and entitledto use Open Banking to improve affordability assessments
47% (or 24.9m) of UK adults show one or more characteristic of vulnerability, (the four characteristics being low financial resilience, poor health, recent negative life events and low capability)[1], with the social rented sector containing a larger proportion of vulnerable groups than private rented and owner-occupied sectors[2].
On the other hand, when asked people don’t necessarily self-identify as having a vulnerability, which can be a real issue for social housing providers trying to ensure that the right support is in place for tenancies to be successful and sustainable. This in turn impacts on management of resources.
Incorporating Open Banking data into entitledto’s affordability calculator returns a personalised view of income (streams, sources and frequency) and expenditure automatically categorised. In the process this can identify signs of potential vulnerability that social housing providers will often not have otherwise known about.
What is Open Banking?
Open Banking is a government-backed initiative that puts people in control of their own financial information. It gives people the power to share transactional information from their bank account with third parties securely.
Transactional information includes all incomings, such as salary, and outgoings, from subscriptions to payments into savings accounts.
Join our latest webinar
Date: Thursday 6 March 2025
Time: 10am - 11am
Agenda
Speakers
Phil Agulnik
Director, entitledto
Phil is an expert on the UK’s benefits and tax system. He is responsible for product development within entitledto and for representing the company externally. He has worked as an economist in the Department for Work and Pensions, HM Treasury, the Financial Services Authority and in academia. He has a PhD from the London School of Economics on social security policy.
John Crosby
Data & Analytics Subject Matter Expert, Experian
John has over 12 years’ experience in data. After an initial career in analytics, John was consulting when Open Banking was introduced so witnessed the advent of Open Banking and wider consumer consented data. He has since been supporting Social Housing providers to understand its potential, including in the identification of possible vulnerabilities such as significant gambling outgoings, loans, or unexplained payments in and out of accounts.
Adele Curtis
Money Advice Manager, Onward Homes
Adele is currently the Money Advice Manager at Onward Homes, with 20 years’ experience within the Housing Sector. Adele is passionate about leading her team to deliver a best-in-class customer experience and drive exceptional performance. Adele wants to help empower customers to make informed decisions and help maintain sustainable tenancies.