The Fintech Times

JULY 31, 2024

ZestyAI , a climate and property risk analytics solutions provider, is expanding its existing partnership with Amica Mutual Insurance , enabling the insurance firm to leverage ZestyAI’s full property and climate risk analytics platform. Stolte , assistant vice president at Amica. “Amica earned the top spot in the J.D.

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Risk AI Risk Assessment Assessments 59

PYMNTS

MARCH 23, 2020

But after years of finding SMBs too unprofitable to finance, lenders have to play catch-up to develop better underwriting processes for greater accuracy and efficiency. This presents a gap in the market and an opportunity for FinTechs to fill it with automated underwriting technologies, like an automated small business credit score.

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Underwriting Risk Assessment Risk Mitigation Mitigation 75

Finextra

OCTOBER 2, 2024

Backbase, the creator of the Engagement Banking Platform, announced today an integration with Middesk, a business identity platform designed to automate business verification and underwriting decisions to help banks and credit unions to mitigate risk and reduce fraud.

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Verification Credit Union Underwriting Mitigation 52

PYMNTS

MARCH 10, 2020

Traditional banks will require credit histories and collateral to underwrite a small business loan, both of which many SMBs in Southeast Asian nations lack. At the root of the matter is often a lack of predictive data to ascertain the creditworthiness of these small- to medium-sized businesses (SMBs). Improving The SMB Lending Experience.

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PYMNTS

JANUARY 25, 2019

Equipment finance company CapX Partners has announced an integration of Moody’s Analytics technology to strengthen its underwriting and risk mitigation capabilities. The company issued a press release on Thursday (Jan.

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Underwriting Small Business Risk Mitigation Underserved 43

Finovate

MAY 13, 2024

CB Insights announced the availability of its State of Insurtech report for the first quarter of 2024, and the Federal Reserve Board issued a summary of climate risk resiliences exercises conducted recently by a handful of big banks. The week begins with a few research-related announcements in the fintech and financial services space.

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AI Federal Reserve Underwriting Risk 119

The Fintech Times

MARCH 29, 2024

From enhancing risk assessment accuracy to personalising products and services, insurers are leveraging data analytics to optimise decision-making processes, mitigate risks and cater to evolving consumer needs. “At Cowbell, we are actively assessing the cyber risk posture of over 39 million businesses in the US and the UK.

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Risk Assessment Underwriting Assessments Risk 59

Tearsheet

AUGUST 7, 2024

Morgan’s financial strength and Slope’s innovative approach to credit risk assessment and monitoring. The fact that they not only use AI for initial underwriting, but also for the ongoing risk monitoring of the portfolio, is what really attracted us to Slope. The partnership brings together J.P. By combining J.P.

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AI B2B Finance Underwriting 59

Finovate

MARCH 13, 2024

This will impact how banks and fintechs use AI for customer interactions, underwriting, and fraud detection. Compliance and oversight The ruling specifically calls out banking as an “essential private and public service” and categorizes it as a high-risk use of AI.

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AI Laws Fraud Detection Assessments 111

Fintech Review

JUNE 12, 2024

We explore the innovations in personalised insurance products, the role of IoT devices in data collection and risk assessment, and the challenges faced by established insurance companies integrating new technologies. Enhanced Risk Assessment IoT data provides insurers with a more accurate understanding of risk profiles.

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Risk Assessment Regulatory Compliance Assessments Risk Management 96

PYMNTS

NOVEMBER 18, 2019

Faster payment services could help such consumers get much-needed funds, as long as lenders can access equally fast underwriting tools. Banks can also gauge risks by checking consumers’ recent financial histories for reliable incomes. A consumer’s credit score needs not be the sole factor in determining loan approval, though.

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Underwriting Federal Reserve Payments Faster Payments 41

Finovate

MAY 7, 2024

The solution will leverage TCW’s loan origination, underwriting, and portfolio management expertise and will tap PNC’s extensive client relationships. The two will leverage TCW’s loan origination, underwriting, and portfolio management expertise and will tap PNC’s extensive client relationships.

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Underwriting Origination Small Business Mitigation 52

PYMNTS

JUNE 17, 2020

Gianluca Pizzituti , CEO and co-founder of invoice financing platform Velotrade , told PYMNTS about the risks financiers must mitigate in the trade finance arena, the role of data in mitigating those threats, and the evolving role of invoice finance to help B2B companies endure the most volatile market many have seen in years.

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Finance Mitigation B2B Underwriting 68

PYMNTS

APRIL 9, 2019

. “But they’ve probably grown up separately because, traditionally, banks have looked at one as a financing opportunity or corporates looked at one as a monetization opportunity, and the other is pure risk mitigation. The tool, Kocher explained, acts as a sort of “outsourcing” of the underwriting process.

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Finance Risk Mitigation Underwriting Mitigation 63

PYMNTS

OCTOBER 21, 2019

Providing consumers with sufficient supports can address these potential obstacles and speed up loan underwriting timelines, benefiting both borrowers and lenders. Both manage interest rate fluctuation risks on loans that take longer to close by hedging and offering lower prices to lenders for such loans, Bloomquist and Rhodes explained.

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Underwriting Consumer Due Diligence Assessments 41

PYMNTS

JANUARY 30, 2019

Financial technology (FinTech) company Numerated , which links financial institutions (FIs) with digital business lending and sales solutions, has announced a partnership with PayNet to integrate risk analytics into its offering. In a press release issued on Tuesday (Jan.

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Risk Risk Mitigation Small Business Underwriting 57

FICO

JULY 31, 2019

As TPRM or third-party risk management grows in importance, so does cybersecurity risk assessment as part of it. The latest Assessment of Business Cyber Risk (ABC) report from the US Chamber of Commerce and FICO discusses four steps for improving third-party cybersecurity risk management.

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Risk Security Risk Assessment Risk Management 70

Fintech Finance

MAY 21, 2024

With the growing instances of online fraud, it’s essential for banks and financial institutions to mitigate potential risks, offer more accurate identity verification processes, shorten onboarding times, and improve customer experience.” and global watchlist hits and sanctions, and politically exposed persons (PEP).

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UCC Payment APIs and Integration Due Diligence Verification 52

The Fintech Times

SEPTEMBER 3, 2024

This complicates the underwriting process as it means lenders need to double count both the new loan and existing debts, often resulting in the new loan being deemed ‘unaffordable’. If granted, there is a risk that the new loan will not be used to pay off existing arrears and the customer ends up accumulating more debt.

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FICO

AUGUST 28, 2018

Welcome to the final blog in the series recapping Cyber Risk, Cyber Ratings and Cyber Risk Transfer at FICO World 2018 , and my conversation with the session’s three panellists: Josh Ladeau , CISSP, Global Head of Cyber, Aspen Insurance. They were not sure how they could bake it into their underwriting process.”. he laughed. “We

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Risk Security Underwriting Breach 53

Global Fintech & Digital Assets

DECEMBER 21, 2023

The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending. The OCC expects that banks engaged in BNPL lending “do so within a risk management system that is commensurate with associated risks.” By Arthur S.

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OCC BNPL Electronic Fund Transfer Act (EFTA) Federal Trade Commission 59

Nanonets

DECEMBER 13, 2023

A survey by Accenture on underwriting employees found that up to 40% of underwriters’ time is spent on non-core and administrative activities. In addition, AI can help insurance firms evaluate risk with high accuracy by analyzing large volumes of data. Lastly, AI's predictive capabilities extend to risk management.

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AI Process Fraud Detection Compliance 102

PYMNTS

JULY 3, 2018

But SMB loan underwriting at traditional FIs has, for the most part, remained unchanged, even as alternative lenders began exploring the role of alternative data in the risk mitigation process. “Lenders’ primary goal is to assess a consumer’s stability, ability and willingness to pay.

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Underwriting Small Business Assessments Third-Party Service Provider 40

FICO

AUGUST 16, 2019

It’s difficult to define the problem and many banking professionals debate the merits of who “owns” the first-party fraud problem — the credit risk group or the fraud group. The Relationship Between Credit Risk and First-Party Fraud. Credit Risk and Fraud Across the Customer Lifecycle. Here are some highlights.

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Credit Risk Risk Identity Theft Account Takeovers 40

FICO

APRIL 28, 2023

Credit Risk and FICO Score Trends? credit risk and FICO® Score trends. economy, credit scores, and credit risk trends were headed. These include federal efforts to combat high inflation, a balanced housing market, the looming prospect of a recession in the U.S debt ceiling and its impacts and geopolitical risks.

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Credit Risk Risk Risk Assessment Assessments 52

FICO

JUNE 30, 2023

By “FICO drift”, these individuals were referring to the fact that the level of repayment risk associated with a given FICO® Score had changed or ‘drifted’ over the last few years. What FICO Scores do, and do very well, is rank-order the likelihood of borrowers’ credit repayment risk.

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Underwriting Credit Risk Mitigation Risk 52

The Fintech Times

APRIL 15, 2024

“By analysing big data and rapidly assessing risks, AI empowers financial companies to make well-informed decisions. This approach not only fine-tunes the assessment of credit risks but also customises financial products to meet individual requirements, balancing personalisation with risk management.

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PYMNTS

MARCH 20, 2020

But lenders themselves, even industry incumbents, are also quickly recognizing the potential that unlocking data has not only on improving the SMB borrowing experience, but on significantly improving their own internal operations, particularly when it comes to risk mitigation. ” The U.S.’s ’s Open Banking Path. .

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Risk Mitigation Mitigation Payment APIs and Integration Risk 93

CB Insights

AUGUST 25, 2022

As digital lending services continue to gain traction, lenders are prioritizing technology solutions for automated underwriting, fraud prevention, loan application, and credit risk analysis. download the STATE OF FINTECH Q2 2022 report. hbspt.forms.create({. onFormReady: function ($form) {. download the STATE OF FINTECH Q2 2022 report.

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Nanonets

APRIL 24, 2023

It also includes various other steps such as underwriting , documentation, and funding.  The Automate your mortgage processing, underwriting, fraud detection, bank reconciliations or accounting processes with a ready-to-use custom workflow. Liabilities: Credit card balances, car loans, and other debts.

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Origination Process Underwriting Automation 52

Innovative Payments Association

MARCH 7, 2024

. 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐭 𝐑𝐢𝐬𝐤 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 AI-driven underwriting accelerates application processing from entry to decision.

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Card Issuer Issuers Payments Advisors Advisors 52

PYMNTS

MARCH 14, 2017

Stepping onto the international market means exposure to new types of risk, including the risk of non-payment from a foreign, unfamiliar corporate client. These businesses take a risk every time they grant credit to their customers,” he explained. Those fears aren’t necessarily unfounded, either.

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Risk Payment APIs and Integration AFP Payments 54

Nanonets

AUGUST 16, 2024

Artificial Intelligence (AI) AI is particularly brilliant at handling complex tasks like fraud detection, risk assessment, and claims adjudication. This also helps them prioritize claims that require detailed scrutiny, ensuring that high-risk claims are flagged early in the process. thus allowing for seamless verification.

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Automation Process Fraud Detection Payment APIs and Integration 52

PYMNTS

JULY 31, 2019

That bank connectivity allows a company like MO to deploy a different tactic in loan underwriting and risk mitigation, Shidfar explained. When risk profiles are more intelligently developed on borrowers, lenders can reduce the risk of default and, as a result, lower the cost of that financing.

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Federal Trade Commission Small Business Underwriting Risk Mitigation 65

FICO

DECEMBER 18, 2018

Underwriters across the financial spectrum of banks, credit unions, and independents do a great job of mitigating risk when dealing with large, complex lending requests. This level of risk mitigation can be tackled by some models, a solid risk strategy, and the directed review of an underwriter.

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Small Business Underwriting Credit Union Origination 53

Nanonets

APRIL 24, 2023

It enables businesses to assess the risk and potential return of financial transactions, and to identify potential problems or opportunities. Fundamentally, it provides a comprehensive and up-to-date view of a potential borrower’s financial performance, which can help with risk management and decision-making.

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Automation Fraud Detection Risk Management Risk 52

PYMNTS

OCTOBER 7, 2016

.” Financial institutions today are also struggling to connect the dots between all of the ways they use data analytics to mitigate risk and add value to their lending operations, added Horrocks. He offered the example of banks using analysis of financial statements to assess risk in the loan origination process.

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Origination Underwriting Third-Party Service Provider Risk Mitigation 78