OpenRep is an API-enabled cloud-based financial monitoring and risk management solution for lenders, investors, and SMEs
The UK SME lending market currently sits at over £200bn and the challenge for lenders, government, and SMEs is managing this huge level of debt with financial data that is limited, out-of-date, and in paper form.
To address this challenge, we have created OpenRep® which enables lenders and SMEs to track and monitor their financial performance through the term of a loan and economic cycle. By combining a number of data sources including; cloud-based accounting packages, commercial data, credit ratings, Open Banking, and non-FS with our advanced analytics and robotic automation software, which provides management insights and next best actions in real time to enhance the business performance of SMEs, relationship managers, and credit risk functions.
Our OpenRep® solution focuses first on the value that is locked up in accounting data, which is the element of OpenRep® that brings new and fresh insights to both lenders and their SME customers. These new and fresh insights enable a closer business relationship to be formed and the ability for both parties to act earlier in the economic and business cycle, which assists lenders in reducing losses, the SMEs to focus on and build their business, By delivering our “next best action” capability, we assist lenders in achieving their Treating Customers Fairly goals, all of which helps them in hitting their NPS targets.