Open Banking is a secure way to securely grant a regulated financial services organisation time-limited access to your bank account transactions. Therefore, if you choose to provide this access, you no longer need to send in your bank statements to the Credit Union. Loan applications can be made entirely online. Because of this, decisions are quicker. And we’re reducing paperwork by using Open Banking.
We’ve been taught to never share our account details. That’s still good advice in many ways. However the difference with Open Banking is that software and security systems give you the option to share your account information securely. As a result, data is encrypted and usage is tracked. Importantly, only companies regulated by the Financial Conduct Authority can access your information.
How it works
When you apply online for a loan you may be asked to provide your bank statement. You still have the option to bring these into the office, but that will delay your application. Alternatively, if you have an online account, you can select to provide this added secure information over the internet. As a result, we provide a much quicker decision.
When you provide online access you’ll arrive at a secure portal where you select your bank account and log in using your usual online banking credentials. Importantly, your log in details are not shared and remain secure. No one will see them, they are not accessed by the Credit Union or stored in any way. They are fully encrypted.
How we use your data
BDCU will receive a summary of your income and expenditure. This covers the previous 12 month period. We do not share this information with anyone else.