European Union lacks a common credit scoring provider and this creates challenges for EU citizens when it comes to access credit facilities across the EU. Although EU citizens are free to relocate/work/do business across EU countries, their credit history does not follow them; therefore they have to start from scratch every time they relocate. Moreover, financial institutions lack a comprehensive and intelligent tool in order to assess credit risk; the tools that are currently used are outdated, static and based, mainly, on negative credit events. On top of that, many EU citizens, like millennials, young professionals, self-employed individuals and many more, do not have access to credit facilities. In this way, it is impossible for them to build their credit scoring and harvest the benefits of the various credit products. This problem has been persistent in Europe due to the fact that the 27 member states, with respect to credit scoring, do not operate on uniform laws & regulations and they don’t even have common practices, making it impossible to launch a common credit scoring approach. It is both frustrating and annoying for a data related challenge, like creditworthiness, to create so many complications and barriers to people and businesses; afterall, it’s the 21st century. The technology has advanced so much in the fields of open data, big data, machine learning and artificial intelligence, that such problems should be considered solved already. The European regulators took landmark decisions in order to, finally, facilitate third parties to offer financial services on top of banking infrastructure. The updated European framework for open banking, the revised Payment Service Directive (namely PSD2), forces banks to open up their data to third party providers starting as of 18th January 2018 with a full implementation deadline by 14th September 2019. In this way PSD2, ensures that Finclude will have access to the needed data, via APIs in a uniform way throughout the EU. Open APIs take privacy and relevant privacy frameworks (like GDPR etc.) very seriously and make sure that companies like us require multiple consents from our users in order to get access to data. That is why our offering is 100% opt-in based and each user has the right to share their information with the service providers as they see fit. This update on regulations and the digital-first mentality are game changers since they enable us to offer financial wellbeing assessment services that empower EU citizens fair access to credit, while in parallel expand the retail credit markets for financial institutions. What is key here is that our scoring is not based on past credit events but on your financial & transactional behavior removing the bias of the length of credit history and stops a long-burdening vicious cycle. The coolest thing? Our financial wellbeing score follows you across borders. We want to leave our social mark by fostering financial empowerment and accelerating financial inclusion for greater parts of our society.. Join the revolution by adding your details to our waiting list here!