CRIF roundtable: Banks discuss the need to balance automation and personalisation for SME customers

What we’ve seen in the UK, which is quite interesting – and I do think we’re leading, at least within Europe – is the ability to access transactional data in the background, and this has been transformative by allowing people to focus on structuring a deal, while admin processes like collating the right information to submit a funding application, is done in the background,” Herrling added.
She explained this transactional data is a derivative of Open Banking data, called Commercial Credit Data Schema, which is “an aggregated version of Open Banking” and accessible to lenders without the client needing to connect accounts.

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