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@Ketharaman, sounds you're wondering what all the fuss is about open banking when lenders have been doing their thing well without it.

I did some digging, Klarna uses Illion for credit decisioning.

According to Illiion, this is how they collect their data:

"illion has a large team of people collecting information directly from companies you do business with, such as banks, insurance providers and utility companies. Your score is calculated from this information."

Note: They said 'a large team'

Open Banking APIs take away that manpower need, and if they expand it to include Utility data, insurance, non-current accounts
(e.g savings), companies like Illion won't need as many people.

Also, I reckon they'd have to get into aggreements with individual companies for this info..

Open Banking automates this and makes forces that data out, that's the value.

I remember reading a post from Flinks founder (a bank data aggregator in the Canadian and US market, about how Plaid's data was unreliable for the companies using it and that's why they were stealing market share from them because their data agreements were better.

Interesting.