Episode #11
Ep. 117 - Better Borrowing Is Built, Not Born: Rewriting the Rules of Consumer Credit, with Loqbox
In the latest episode of The Payments Shed Podcast , Grant Evans and Justin Hanna are joined by Tom Eyre, CEO and Co-Founder of Loqbox , for a conversation exploring why the traditional credit system continues to leave millions of consumers behind, and what needs to change if we want to build a fairer route into financial services. Tom takes us inside the story behind Loqbox and the problem the business originally set out to solve. From open banking and alternative data to new approaches to affordability and risk, they explore how much credit infrastructure has evolved, why progress still isn't reaching everyone, and just how difficult it is to change a system built around decades of established thinking. The conversation also tackles the challenge of reaching pre-prime and thin-file consumers before they actually need credit. Tom explains why many people only discover the importance of their credit history when they're rejected for something, and why financial education needs to become more practical, relevant and connected to the financial decisions people make in everyday life. Grant, Justin and Tom then explore whether credit needs to become less focused on someone's financial past and better at recognising behaviour, progress and future potential . They discuss how consumers with little or no traditional credit history can demonstrate financial reliability, what building trust should look like, and why renters, younger consumers and those with thin credit files can still struggle to access mainstream financial products. The discussion also looks at the commercial opportunity in serving these consumers earlier. Rather than simply avoiding customers who don't fit traditional risk models, could lenders build stronger long-term relationships by helping them develop their financial profile over time? Tom shares his perspective on where open banking and alternative data could take the industry next, and the roles fintechs, banks and regulators can play in reshaping consumer credit. Plus, Tom steps up for The Payments Shed's legendary Shelf of Shame to nominate one credit myth or industry assumption he'd happily banish forever. *** The Payments Shed Podcast is sponsored by Cyclops. Cyclops helps payments companies offer crypto acceptance, stablecoin settlement and payouts through one unified infrastructure platform. Find out more: https://cyclops.finance/ *** The Payments Shed Podcast is sponsored by Salesloft. Salesloft uses agentic AI to turn buyer, conversation, deal and forecast data into clear actions that help revenue teams sell smarter. Find out more: https://www.salesloft.com *** The Payments Shed Podcast is sponsored by Mastercard Open Finance. Mastercard Open Finance enables businesses to use consumer-permissioned financial data to create more connected and personalised financial experiences. Find out more: https://www.mastercard.com/global/en/business/open-finance.html *** The Payments Shed Podcast is partnered with PCN. PCN is a global boutique recruitment agency connecting leading talent and businesses across fintech, cybersecurity, SaaS, e-commerce and Salesforce. Find out more: https://teampcn.com/ *** Disclaimer: Views expressed are those of The Payments Shed Podcast hosts and guests, not their respective employers. Nothing discussed constitutes investment, legal, tax or financial advice.
