Banking News and Headlines

Tech-Powered Credit Reform Could Add £7bn to the UK’s GDP, Report Claims

ClearScore’s new white paper argues that modernising credit‑worthiness assessments with open‑banking data and AI could add up to £7 bn to the UK’s annual GDP. It highlights that 17 million adults face a £2 bn credit supply gap, with up to 60% of those currently denied credit potentially credit‑worthy under richer data models. The report notes a 14% rise in marketplace‑lending volumes where open‑banking is already employed, suggesting technology can expand credit access without raising risk.