Success story: How UC is enhancing credit decisions through data innovation & Enable Banking
UC leverages Enable Banking to enhance its credit information services with real-time open banking data. What once required manual verification now happens automatically and accurately, enabling faster, more precise credit decisions. The result: financial institutions can reduce risk, serve more customers confidently, and offer a smoother, more inclusive lending experience.
About UC
UC is Sweden’s leading credit information company and part of Enento Group, which operates across Sweden, Finland, Norway, and Denmark. With over 50 years of experience, UC has deep roots in Sweden’s financial ecosystem. Originally founded and owned by Swedish banks, UC merged with Finland’s Asiakastieto in 2018 to form Enento Group, now listed on Nasdaq Helsinki.
Credit and risk are at the core of UC’s business. The company’s mission has always been to strengthen credit assessments and support smarter, safer and wide-ranging lending. Sweden’s open and transparent data framework allows UC to operate within a strict regulatory environment while maintaining one of the most comprehensive credit registers in Europe, covering all mortgages, nearly all unsecured loans, and even student loans.
UC’s long history and unique data coverage enable highly accurate, tailored scoring models for different use cases: from traditional lending to “buy now, pay later” decisions. Beyond banking, UC now supports industries such as telecom, utilities, and BNPL, helping them assess risk more effectively.
For nearly two decades, Sweden has had the lowest non-performing loan levels in Europe, a testament to the quality of data and processes that UC has helped build.
The Challenge
Financial institutions often rely heavily on traditional credit scoring models and static public data. But when speed, accuracy, and inclusivity are needed, like for people with irregular incomes or newer financial behaviour, these methods fall short.
One of the most common challenges is income verification. Before PSD2, this was done manually using data from the tax authorities alongside information provided by the applicant in a credit application. The challenge here lies in verifying any gaps between what the applicant states and what’s reported by the authorities. In the past, this meant relying on payslips, a process that is error-prone, costly, and time-consuming, with a higher risk of fraud.
For UC’s customers, ensuring accuracy while reducing manual effort became a top priority, especially as the demand for faster and fairer credit decisions grew. Making the right call on credit risk requires combining robust legacy data with newer, real-time sources, while also maintaining strong regulatory compliance and privacy protections..
The Solution
Open Banking adds an extra layer of insight that helps UC and its customers make more accurate decisions, streamline processes, and reduce fraud. It’s used across a range of use cases, from straightforward account and income verification to more advanced services where UC facilitates Open Banking capabilities on behalf of its customers.
By partnering with Enable Banking, UC has been able to strengthen and expand its credit information services through the use of Open Banking data. A key example is income verification. Traditionally, this was slow and manual, relying on payslips or employer statements, with high costs and risk of error. With Enable Banking providing real-time, PSD2-compliant transaction data, UC can automatically and securely verify income. By leveraging this data alongside information from tax authorities and individuals, the process becomes faster, more accurate, and simpler for both lenders and consumers.
Another advantage for UC is the simplicity and reliability of the setup. Enable Banking provides API-based, PSD2-compliant access to financial data, so UC can focus on developing services rather than maintaining technical connections. This approach also supports future growth, making it easier to expand into new markets or add new use cases. Just as importantly, Enable Banking is designed with privacy at its core. No sensitive transaction data is stored or cached on our side. That means UC retains full control over their data while ensuring strong GDPR compliance and customer protection.
But UC’s use of Open Banking doesn’t stop there. Open Banking also allows UC to support diverse customers with different risk profiles. It enables UC to provide richer, more flexible data for everything from traditional credit assessments to niche use cases. This gives UC a competitive advantage, enabling more accurate scoring, faster decision-making, and better service for thin-file or non-traditional income individuals.
For example, a lender might use transaction data to refine risk models, while a streaming service could use categorised insights to better understand consumer behaviour. Enable Banking’s platform also enables expansion across multiple European markets without building new integrations, unlocking new revenue opportunities.
The Impact
| Metric / Outcome | Before (traditional model) | After combining with Enable Banking |
|---|---|---|
| Risk of incorrect or over-conservative lending | Higher: more “no” decisions where data was insufficient | Reduced: more accurate risk profiles, fewer false negatives |
| Process time & manual effort in income verification | Long, manual, error-prone | Faster, automated, more reliable |
| Access to credit for thin-file or non-traditional income individuals | Very limited or restricted | Improved inclusion; better evaluation using richer data |
| Risk of fraud or financial data manipulation | Falsified or self-reported data could go unverified | Verification possible with open banking data; increased accuracy |
As one real-world example, a UC client combining UC’s conventional data with open banking data saw up to 30% lower credit risk in its portfolio, thanks to improved assessment accuracy and reduced uncertainty.
Why It Stands Out
Operational efficiency & scalability: Automates manual processes like income verification, reducing costs and enabling faster expansion.
Competitive advantage for UC: Enables more accurate scoring, faster decisions, and better service, especially for thin-file or non-traditional income individuals.
Combination of strength: UC’s deep legacy of structured credit data + Enable Banking’s fresh, transactional data = powerful synergy.
Regulatory trust: Strong oversight ensures that the expanded data usage is compliant, transparent, and respectful of consumer privacy.
Inclusive innovation: UC and Enable Banking are helping people without traditional credit histories gain access to fairer, accurate financial services.
Cross-border potential: Real-time, PSD2-compliant data across Europe without building or maintaining additional integrations..
“The best part of working with Enable Banking is their service mindset. Whenever there’s something we need, they are incredibly responsive. And from a business perspective, their insight into market trends helps us spot new opportunities and build better solutions, together.” Petter Alvstén, Head of Consumer Information, UC
Want to See the Same Results in Your Business?
For other SME lenders looking to enhance their services, Enable Banking offers a compelling solution.
Our dedication to business accounts, extensive regional coverage, and exceptional support make us uniquely capable of meeting the needs of innovative financial institutions like Froda.
If you would like to see how Open Banking can transform your business, get in touch to speak to one of our advisors.
