Oakam has incorporated gamification into a new app to help improve borrowers’ repayment rates and reduce costs. Borrowers can earn points when making repayments on time via the app, watch short videos on financial behaviour and refer friends to the loan provider. The company claims that users who previously paid irregularly improved their paying behaviour by 19% in the first two months of using the app.
Atom Bank has indicated that it is planning to open up its mortgage distribution to directly-authorised brokers as part of its expansion plans. The lender currently distributes through a limited number of appointed representatives. 23042017WEB04
Wealthfront, the US robo-investment service, has launched a new lending service in association with RBC Capital Markets, through which customers can borrow against their investment accounts. Borrowers are charged interest rates of between 3.25% and 4.5%
Revolut has partnered with online mortgage broker Trussle to offer people the opportunity to apply for a mortgage or remortgage via a smartphone app