What to Know About Open Banking

By now you may have been asked to connect to Open Banking when using a financial tool. To ensure you have the right information about it and understand the benefits of connecting to Open Banking, we put together a short summary of all the things you need to know. This will help keep you equipped so you can make informed decisions with the tools you use in the future.

What is Open Banking?

Open Banking makes it easier for businesses to understand your habits that will in turn help you get offers that suit you best.

Open Banking is a secure way for mobile apps, web applications or other providers to have read only access to your financial information. 

This is how you are able to see a clear view of your finances in one place. With Open Banking you can make quick direct payments, get more accurate results for financial offers and have an overview of your finances all in one space! 

Is Open Banking safe?

Opening Banking is a safe way to share some of your financial information with providers. With Open Banking you will never be asked to share your password or login details with anyone, but your bank or building society. 

You will always have control and the choice to use Open Banking. If you decide you no longer want to allow access, you can stop it as well. It’s your choice at all times. 

All providers that use Open Banking to offer products and services is regulated by the FCA or the European Equivalent. 

How does Open Banking work with Creditspring?

With Open Banking you can find out if you’re eligible for Creditspring and speed up the sign up process! Connecting your bank with Creditspring allows us to verify your income or bank if Equifax fails while checking your eligibility. This is an added way for us to confirm your information and speed up the process so you can start building your stability at a pace that works for you.

The Stability Hub offers various financial tools that will help Creditspring members with improving their stability and be on the path to building their credit. To access certain tools within the Stability Hub Creditspring asks members to connect their bank to their account. By doing this we are able to give our members better insight into spending habits, improvements for saving and an overall scope of their financial resilience. 

To gain access to the various financial tools within The Hub and discover ways to improve your financial stability, join today! 

Is Open Banking Beneficial?

Open Banking can be beneficial to many. It is a better way to manage your money securely, allowing providers to offer products and services that suit you best.

Open Banking makes it easier to have one place for you to view financial offers, your accounts and see a more accurate reflection of your credit score. Regulated by the Financial Conduct Authority (FCA) and European equivalent, with Open Banking information is protected and all providers must follow rules that will not harm customers.