The idea of open banking was one that really excited us. We saw real time and cost saving opportunities for our clients and benefits that would make consumer’s lives easier.

There were questions as to how best integrate open banking into the everyday processes of the debt and insolvency industries. We decided to look into the benefits for debt managers, insolvency practitioners and their clients. The fair treatment of consumers, and deriving the best outcomes for them, are things that we are passionate about.

Over the past 24 months especially, we’ve looked at creating functionality and products that enable our clients to implement TCF principles. We have now found, that there is crossover in providing solutions that enable the benefits of open banking and the implementation of the TCF principles.


The result of this is our new suite of products, Debtsense. Debtsense uses open banking to automate the completion of a Standard Financial Statement (SFS) and gathers all the relevant information from the debtor in a gamified, streamlined solution. Additional functionalities like Anti-Money Laundering checks and Consumer Credit checks make it easy to fully on-board and authenticate the consumer.

Following an easy-to-complete initial set of questions, a second stage which captures the necessary permissions to utilise Open Banking follows. Consumer credit reports and affordability scores are run in the background, and cross referenced against configurable products acceptance criteria. The advice model algorithms then process the data and the debtor is directed towards a suitable outcome for them. This seamless customer journey is configurable and can be implemented into an existing online journey. Typically it takes a consumer 5 minutes to provide enough information to signpost them to the most appropriate outcome for their situation.

Customer’s member area

What’s innovative about the software is the customer’s member area. The fully-onboarded customer is presented with their own personalised dashboard at the end of their journey. This allows the individual to take a proactive approach in managing their finances. They can also utilise value added tools that check if they can save on their energy, mobile and broadband bills compared with their current spend. This is based on payment history obtained through Open Banking, so no more guesstimating how much they could save!

The membership area within Debtsense is also designed to keep customers engaged with the brand. For example, if a debtor has chosen to go down the route of an IVA, come annual review time, the membership area facilitates an up-to-date income and expenditure being sent across in minutes through open banking.

Debtsense is also useful for declined customers, as its value-added propositions keep them engaged with the brand. Should their circumstances change, they will be in a position to efficiently apply for a suitable product.

Open banking is a relatively new world here in the UK but one that presents opportunities in the debt and insolvency industries.