Financial Data Analytics with Kreditz
Kreditz set out to build a real time credit score based on PSD2 data. Getting there meant solving a second, harder problem: raw open banking data is difficult to understand on its own. Partnering with Enable Banking gave Kreditz the exact raw data straight from the bank, properly categorized and labeled, along with a responsive partnership that has helped both companies build a better product.
About Kreditz
Kreditz was founded in Sweden in 2018, built on the belief that intelligent financial decisions should be based on real-time data and actual financial behavior. Its founders saw a shift taking shape in the financial ecosystem: Open Banking and PSD2 were opening secure access to real-time financial data, yet most credit and risk assessments were still built on static models and historical assumptions. Now Kreditz uses that data to enable lenders to make better decisions, while giving consumers and business owners a faster, fairer, and more efficient route to credit.
The Challenge
Traditional lending processes rely heavily on outdated data points, physical documents, and manual labor, which on their own are not enough to make good credit decisions today. Kreditz set out to solve that problem with open banking and PSD2 data.
That solution surfaced a second problem. PSD2 data, as it comes directly from the bank, is raw and difficult to understand on its own. Before it could be used for credit scoring or any other purpose, that data needed to be properly labelled and categorized, and getting that right was not simply a matter of time and resources. It took Kreditz's long-standing credit and risk decision-making expertise to create an engine capable of powering a real-time credit score.
The Solution
Before working with Enable Banking, Kreditz worked with other data aggregators. Those providers tended to sell the idea that more data is inherently better, highlighting that PSD2 data can be used to make better credit decisions. Whilst this data proved valuable in improving credit decisions, Kreditz found that it first needed to be properly categorized and labelled, a step that still needed attention across the wider market. Working with Enable Banking changed that. Enable Banking provides Kreditz with the data in the exact format that was necessary for Kreditz to categorize and label for its own use.
That collaboration goes both ways. Kreditz has found Enable Banking to be responsive and genuinely invested in getting the details right, with the two teams in daily contact. As open banking use cases continue to mature, that ongoing back-and-forth is helping both companies build a better product.
"Enable Banking gives us the exact raw data straight from the bank, and that has made all the difference. It's not just about having more data, it's about having data we can actually trust and put to work in a real-time credit score. Enable Banking has understood our needs very much to the point, and they've been genuinely service-minded, communicating with us on a daily basis to help us build a better product together." Roni Zacharion, Founder and CEO, Kreditz
Want to See the Same Results in Your Business?
Whatever you're building on top of bank data, whether identity verification, KYC, or fraud prevention, Enable Banking gives you a stable, neutral data foundation. We connect you to the accounts, pass the data through cleanly, and stay out of the way. We never monetise any of your customers' data.
If you would like to see how open banking can strengthen your onboarding and compliance process, get in touch to speak to one of our advisors.
