PYMNTS

OCTOBER 19, 2020

The [SMB] market is underserved and highly fragmented and still does not have easy access to capital from the traditional lenders,” So said. So said that in a traditional screening process, SMEs “would send PDFs of bank statements or PDFs or their audited or unaudited financials, and banks [would] take weeks to underwrite.

AI 120

AI B2B Underwriting Non-Bank 120

The Fintech Times

AUGUST 15, 2024

Partnerships Arch Insurance, a global specialty insurer, has partnered with digital risk processing platform Cytora to further digitise its risk intake and streamline underwriting workflows. The Fintech Times Bi-Weekly News Roundup takes a look at the latest fintech stories from around the world on Thursday 15 August 2024.

FinTech 59

FinTech Advisors Payee Automation 59

PYMNTS

DECEMBER 28, 2020

A rapidly changing world, he said, meant changes for MercadoLibre as well, particularly in its underwriting business MercadoCrédito. While other players pulled back, he said, Mercado pushed forward and accelerated its underwriting business. It’s a bet, he said, that has paid off in the aftermath for a simple reason. million people, 1.7

Underwriting 88

Underwriting Contactless Payments Consumer Underserved 88

PYMNTS

JULY 16, 2019

“We developed a unique underwriting platform based on alternative data points to evaluate credit risk. Lendbuzz is addressing a large and underserved market, has innovative technological underwriting capabilities and unique customer acquisition strategy that supports their high growth.”.

Finance 49

Finance FinTech Underwriting Credit Risk 49

Lending Front

JULY 14, 2021

Community Development Financial Institutions (CDFIs) play an instrumental role in revitalizing the economy by delivering loans to small businesses in low-income, underserved communities. Because of this decision, the awarded funds can translate to more than $10B in the accounts of underserved small businesses.

Small Business 52

Small Business Underserved Automation Federal Reserve 52

Fintech News

FEBRUARY 27, 2024

Rapid digitalisation, a young internet-savvy population, and underserved markets make the region ripe for fintech disruption. But these five leading companies face key considerations around timing and execution as they weigh the opportunities and risks of going public this year. Despite global fintech funding nosediving to US$39.2

FinTech 119

FinTech Risk Compliance Multi-Currency 119

PYMNTS

JANUARY 11, 2018

That category, according to Burnside, contains about 145 million consumers – who, he noted, have very particular points of need where underwriting and risk management capabilities are severely underdeveloped. Breaking New Ground. . An Enterprise Solution . . ” That does not make them an antagonist to banks.

Consumer 43

Consumer Underwriting Risk Management Underserved 43

Lending Front

JUNE 29, 2021

Over the past year, the mission driving all CDFIs—delivering loans to small businesses in low-income, underserved communities—has become a topic of national interest, aligning with the priorities of the American government as it tries to rebuild our economy. How a digital solution will make your share go the furthest.

Small Business 52

Small Business Underserved Automation Economy 52

FICO

MAY 7, 2018

Some of the top thought leaders in banking, finance, artificial intelligence, machine learning, and credit risk came together in San Francisco to discuss the key trends and innovations in our industry. A key driver of successful financial inclusion is the ability for lenders to effectively gauge the risk of an underserved consumer.

Financial Inclusion 77

Financial Inclusion Innovation Credit Risk Underserved 77

PYMNTS

NOVEMBER 3, 2020

These needs are underserved by brick and mortar channels of the financial system because of the lack of reach and customer insights in the process of underwriting risk, for example in the case of a micro-loan or small-claims insurance.”.

NOV 79

NOV Origination Small Business Non-Bank 79

FICO

NOVEMBER 29, 2018

FICO attended and exhibited at the event to connect with lenders on FICO® Small Business Scoring Service SM (SBSS SM ), a score used by the SBA to assess risk of businesses and determine funding eligibility. Small business lending was strong in 2018 and pro small business growth policies have been conducive to that growth.

Small Business 67

Small Business Credit Union Underserved Community Banks 67

PYMNTS

SEPTEMBER 20, 2018

X Financial specializes in helping underserved prime borrowers and mass affluent investors in China by matching those borrowers with investors willing to loan them money. The company has also built a proprietary risk-control system that uses behavioral, social and other data to determine the appeal of prospective lenders.

P2P 66

P2P Credit Cards Online and Mobile Banking Credit Limit 66

Payment Savvy

SEPTEMBER 5, 2024

Another fintech company might create a platform that uses artificial intelligence (AI) to offer personalized investment advice based on a user’s financial goals and risk tolerance. It also streamlines a range of services that businesses depend on, from loan underwriting to real estate appraisals.

FinTech 52

FinTech Online and Mobile Banking Payment APIs and Integration Cryptocurrency 52

PYMNTS

JUNE 12, 2018

Now, the tech-driven underwriting models that promised to assess risk more accurately, and extend credit more efficiently, may be confirmation that traditional risk and lending business models may have more going for them than their new, FinTech challengers once thought. The Coming Risk Assessment Reset.

Underwriting 46

Underwriting Risk Assessment Assessments Risk 46

PYMNTS

SEPTEMBER 25, 2019

They can’t secure underwriting because their financial file reveals no credit history, and they can’t establish any credit history because no one wants to underwrite them. We see this used by lenders who want to provide underwriting services for this segment that FICO is not very descriptive about.”.

Underwriting 49

Underwriting Credit Cards Underserved Risk 49

PYMNTS

JUNE 1, 2017

Why should every client pay the same premium when they all have different risks and needs? From that data, it builds predictive AI models whose insights guide carriers to make faster, more educated risk selection and pricing decisions. Small businesses can benefit big if they’re insured by a company that partners with Valen.

Underwriting 40

Underwriting Small Business Risk AI 40

FICO

JULY 15, 2022

It means the inclusion of credit markets that are less developed, where a larger part of the population is underserved. We believe that the best way to score more people is to use more data, to leverage alternative data to shine a light on the people who are currently underserved. For FICO, it means taking the technology global.

Financial Inclusion 52

Financial Inclusion Underserved Consumer Innovation 52

PYMNTS

MARCH 7, 2017

Three broad areas of special interest to the bureau were discussed – encouraging consumer-friendly innovations, the issue of consumer control over their personal financial data and the benefits and risks of using unconventional sources of data to underwrite loans and provide access to credit to more consumers.

CFPB 49

CFPB FinTech Consumer Protection Underserved 49

PYMNTS

NOVEMBER 23, 2020

He pointed to brands and merchants like Dunkin and Dollar General, marked by underserved populations that could benefit by better economics than has been seen with prepaid cards or payday lending. Figure Pay, he said, debuts in January in Missoula, Montana, and then will see a broader rollout through the quarter. “As

Financial Inclusion 86

Financial Inclusion Office of the Comptroller of the Currency Blockchain OCC 86

PYMNTS

DECEMBER 18, 2018

It’s not only hard for banks in the region to underwrite profitably, it is incredibly hard for them to evaluate consumers in terms of credit-worthiness. The Rewards, And Risks, Of Experience. Which markets in Asia, JUMO hasn’t disclosed as of yet, though the firm has already begun offering some of its products in Pakistan.

Underserved 54

Underserved Product Underwriting Economy 54

PYMNTS

MARCH 12, 2019

Data helps lenders make the best risk-adjusted lending decisions. As he noted, for the lenders themselves (alternative or traditional), “the cost to underwrite and service those loans is the same.”. It’s about ‘how does data make our lives easier [via] sourcing through underwriting to monitoring?’”.

Underwriting 40

Underwriting Deposit Account Underserved Adjustments 40

PYMNTS

FEBRUARY 16, 2018

The company is a hybrid lender, taking on some risk as a direct lender as well as working with other financiers to link middle market companies with working capital loans up to $60 million. This was born out of seeing what it takes to underwrite a small business and understanding the opportunity of additional information sources,” he said.

Underwriting 40

Underwriting Small Business Process Automation 40

CB Insights

OCTOBER 10, 2018

What these startups share is the goal of creating customer-centric banking products that target underserved individuals and businesses. This forces startups to enter into costly partnerships with incumbent financial institutions and creates dependency risk. DOWNLOAD THE 61-PAGE consumer banking REPORT. Underbanked/Unbanked.

Online and Mobile Banking 78

Online and Mobile Banking Debit Card Credit Cards Non-Bank 78

CB Insights

DECEMBER 5, 2017

AIG’s investment in workplace wearable safety startup HCS is a play in reducing the risk of commercial claims, while its investment in cyber investigation firm K2 is meant to develop products to reduce client cyber risks. Slice Labs had earlier entered into an underwriting partnership with Munich Re Digital Partners.

Underwriting 28

Underwriting Cybersecurity Innovation Risk 28

CB Insights

JULY 16, 2017

AIG’s investment in workplace wearable safety startup HCS is a play in reducing the risk of commercial claims, while its investment in cyber investigation firm K2 is meant to develop products to reduce client cyber risks. K2, for example, is providing customized threat intelligence for AIG’s CyberEdge product. XL Innovate.

Underwriting 28

Underwriting Cybersecurity Risk Innovation 28

PYMNTS

SEPTEMBER 15, 2017

When you take a bank and their expertise in risk management, compliance and low-cost funds and match it with great technology – and start from the ground up to build something customer-focused – you can build something really powerful to serve consumers.”. “We It takes a partnership to make it work,” Orloff said.

Financial Inclusion 79

Financial Inclusion FinTech Credit Cards Caps 79

PYMNTS

MAY 15, 2018

Subprime customers — and the higher interest rates associated with underwriting their unsecured debt — were also served with a variety of products in the market. They are just vastly underserved. Habgood said, “If the standard-risk algorithm is looking at 30 or so data points on a consumer, we are looking at something more like 120.”.

Push-to-Card 46

Push-to-Card Non-Bank Credit Cards Consumer 46

CB Insights

FEBRUARY 13, 2020

‘PayFac’ technology simplifies underwriting and onboarding. Additionally, the company must underwrite risk, and is on the hook in the event of fraud or returned items. This risk is reflected in processing fees, which are higher for online transactions. TABLE OF CONTENTS. A decade of online payments innovation.

Payment APIs and Integration 98

Payment APIs and Integration Online and Mobile Banking Payments Push-to-Card 98

PYMNTS

NOVEMBER 7, 2017

However, Tavares said the landscape is shifting, as LendingPoint and other alternative credit products lend their ears — and their money — to underserved populations. Burnside and Tavares said that looking only at a credit score gives insufficient insight into the level of risk. It’s a very real situation in the U.S., Their solution?

Use Case 57

Use Case Small Business Finance Underserved 57

PYMNTS

MARCH 21, 2017

In the case of Wall Street, the goal wasn’t to build a good model that successfully predicted risk; it was to build a model that would allow profits to be maximized — and those success conditions dictated what they built their code around. And these types of “lies” abound, O’Neil said, though they appear for all types of reasons.

Crime 45

Crime CFPB Push-to-Card Credit Cards 45

PYMNTS

MARCH 10, 2016

Early Warning , a real-time payments, authentication and risk mitigation solutions provider, announced Wednesday (March 9) that Bank of America is now live in processing real-time P2P transactions through Early Warning’s clearXchange network. Early Warning Boosts Big Banks’ P2P Power. Stripe’s In-App EMV Push.

Online and Mobile Banking 41

Online and Mobile Banking EMV P2P Mobile Deposit 41

CB Insights

JUNE 17, 2020

Patients and healthcare providers have had to rapidly adopt telehealth services and remote health monitoring to deal with strained hospital capacity and risk of infection. CONTAGION RISK ADDS NEW URGENCY TO industrial AUTOMATION. The Covid-19 pandemic has pushed health services online. Industrial automation and robotics.

Posting 101

Posting Technology Online and Mobile Banking On-Demand 101

PYMNTS

DECEMBER 11, 2019

Opportunity Fund offers truck loans for as little as $2,500 and as much as $200,0000 — but the average loan it underwrites is for about $48,000. That is, if they can find a loan at all, which can be extremely challenging since most truck drivers fall squarely into demographics that are consistently underserved by mainstream financial markets.

Underwriting 52

Underwriting Rules Underserved Economy 52

PYMNTS

MARCH 7, 2016

Yes, the sobering reality of having to really make money has become an unwelcome wake-up call for those who masked the real value of their business with the never-ending piles of VC cash that just kept underwriting losses and kicked the revenue can way down the road. The big question for innovators is where do they – and should they — play?

Online and Mobile Banking 46

Online and Mobile Banking Payments Financial Inclusion Same Day ACH 46

FICO

JANUARY 5, 2023

Just in the last few months, both Freddie Mac and Fannie Mae announced that their respective automated underwriting systems will consider consumer-permissioned cash flow data in the assessment process that will provide key benefits for first-time homebuyers and underserved communities.

BNPL 52

BNPL CFPB Consumer Financial Protection Bureau (CFPB) Privacy 52