Global information and insights company TransUnion is working with personal credit platform Monevo and incuto – a fintech for social good – to offer UK consumers improved access to credit and a broader range of affordable credit products.
This joint initiative helps credit unions and community development finance institutions to offer their products to a wider audience via comparison websites, increasing competitiveness in the credit space and promoting financial inclusion.
It also aligns with consumer preferences, as the majority (58%) of UK consumers who check their eligibility for finance before applying for credit products rely on price comparison platforms as their main go-to source for credit options.[ii]
James Robinson, managing director of consumer interactive at TransUnion in the UK, said: “In line with TransUnion's mission of using information for good, our work with Monevo and incuto marks an important step forward for the industry, driving broader access to credit for UK consumers. We’re happy to support credit unions and community development finance institutions in harnessing data and insights to enhance consumers’ financial wellbeing and foster a more inclusive financial landscape."
Importantly for incuto and its customers, the power of the Monevo technology allows product updates to be implemented within seconds, meaning the offers shown to consumers are real rates which they are eligible for.
Dawn Wood, Monevo UK territory director, said: "Monevo, incuto and TransUnion share the same mission of good customer outcomes. This partnership ensures credit unions and community bank offerings are available to consumers on credit comparison websites. The Monevo technology bridges the gap between these institutions and consumers seeking affordable credit solutions, ultimately driving financial inclusion."
This exciting new collaboration brings together the unique capabilities of each partner: TransUnion provides comprehensive credit data, incuto enables community lenders to reach more potential customers, while Monevo helps them to host, manage and distribute their credit offers.
Andrew Rabbitt, CEO of incuto, added: "We’re committed to providing community lenders with all the necessary tools and technology to thrive in a competitive financial landscape, connecting more people with affordable finance products. We think it's crucial that credit unions are presented on credit comparison websites sites, allowing consumers to have better choices when looking for a suitable credit product."