60627OKEO - COVID-19 financial modellingClosedFeasibility StudiesInnovate UKPublic Description: OKEO is a London-based challenger credit card company that uses Open Banking data and machine learning to provide young adults with access to affordable credit. OKEO proposes to develop innovative affordability and credit risk models using current "crisis data" to help OKEO lend money to financially excluded young adults (aged between 20 to 30 years old), self-employed contractors and gig economy workers at low rates during the pandemic. By utilising innovative data modelling and lending to critical sectors of the economy, OKEO's vision is to help meet the needs of financially excluded individuals and help stimulate the UK economy. OKEO is innovating now to respond to the financial needs of individuals brought on by COVID-19 and a weakened economy. Additional Information – Extension for Impact: The extension of the project will allow OKEO to update its systems and codebase to account for recent and upcoming changes to Open Banking regulation. It will also allow OKEO to conduct additional user testing to ensure that these changes do not negatively impact the customer experience and to ensure that the product will have maximum impact at launch.