Finovate

MAY 16, 2024

The score combines consumer-permissioned open banking data with data from Experian, Equifax, or TransUnion to improve lenders’ underwriting efforts. VantageScore helps 3,400+ institutions, including eight of the top 10 banks, to use the VantageScore credit score to underwrite credit cards, auto loans, personal loans, and mortgages.

Underwriting 52

Underwriting Adjustments Financial Inclusion Underserved 52

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

PYMNTS

OCTOBER 22, 2018

In a press release , Tala said the undisclosed investment from PayPal will help the company bring visibility and access to underserved regions in emerging markets across the world. Tala’s Android-based app analyzes device and behavioral data to instantly underwrite the consumers and create a loan offer.

PayPal 77

PayPal Underserved Underwriting Consumer 77

Fintech Finance

MARCH 21, 2024

Pockit has partnered with consumer lender, SteadyPay, to help perform the credit assessment, to provide underwriting activities required to ensure that all loans are responsible and affordable and to fund the loan book. The service costs a flat £4.99

Product 52

Product Underwriting On-Demand Underserved 52

PYMNTS

JANUARY 5, 2021

The Opportunity Fund provides working capital loans ranging from $2,600 to $100,000 to underserved businesses that might otherwise run afoul of more rigid underwriting requirements and more extensive documentation rules at traditional lenders.

Credit Union 79

Credit Union Small Business Underserved Agreements 79

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

OCTOBER 15, 2018

Where there are underserved consumers looking to enter the digital ecosystem, there are innovators big (and, in some cases, very big ) and small looking to serve them. But where there are new opportunities for access or speed, fraudsters and cybercriminals are sure to follow.

Risk 60

Risk Money Laundering Innovation Financial Crimes 60

PYMNTS

MARCH 10, 2020

Wiserfunding uniquely does just that, but offers the reassurance of the best of academia and its established client base, while drastically reducing the time taken to underwrite counterparties.”. Trade Ledger [was] the perfect fit for our credit risk assessment solution,” said Gabriele Sabato, CEO of Wiserfunding. “As

Risk Assessment 52

Risk Assessment Assessments Risk Underwriting 52

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.

Underwriting 88

Underwriting Contactless Payments Consumer Underserved 88

PYMNTS

APRIL 23, 2019

Opportunity Fund will use LendingClub’s technology to provide online applications for prequalified offers to underserved small business owners, while Funding Circle will use its credit assessment process to fund fast and affordable loans. The loans are intended for women, people of color, immigrants and other underserved entrepreneurs.

Underserved 46

Underserved Small Business Underwriting Assessments 46

FICO

MARCH 25, 2020

The introduction of the score has enabled Home Credit to underwrite and evaluate new clients with a thin file more objectively. This has been a big focus for the business in response to strong market demand for consumer loans in China. For its achievement, Home Credit was awarded the 2019 FICO® Decisions Award for Financial Inclusion. “By

Risk 97

Risk Financial Inclusion Point-of-Sale (POS) Risk Assessment 97

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

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

PYMNTS

SEPTEMBER 17, 2019

Currently, more than 200,000 customers use FairMoney to access financing, with the company’s algorithm using data from a user’s smartphone to underwrite those loans. Our vision is to build a holistic financial platform for underserved customers in emerging markets,” explained FairMoney CEO Laurin Hainy in a statement.

Financial Inclusion 46

Financial Inclusion Underserved Small Business Underwriting 46

FICO

NOVEMBER 29, 2018

Specifically, the underserved businesses such as startups, those run by minorities and veterans, and businesses in rural areas which is now a focus area of growth for the SBA according to McMahon. 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

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

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. Lending Hero’s focus: prime customers acquired through physical channels, such as doctor’s offices and dental practices, to name a few.

Consumer 43

Consumer Underwriting Risk Management Underserved 43

Payment Savvy

SEPTEMBER 5, 2024

It also streamlines a range of services that businesses depend on, from loan underwriting to real estate appraisals. By merging artificial intelligence with data about consumers, fintech companies can gain deeper insights into their customers, which in turn fuels the engines of marketing efforts for products and underwriting processes.

FinTech 52

FinTech Online and Mobile Banking Payment APIs and Integration Cryptocurrency 52

PYMNTS

SEPTEMBER 18, 2020

Stem’s target client base, said Rabkin Lewis, consists of “not just the artists, but also their management teams, the labels that work with and all the various collaborators, songwriters, producers … all of them are part of a population of creators that we see as being underserved by financial tools and technologies.”.

Digital Payments 125

Digital Payments Payments Underserved Venmo 125

FICO

MAY 7, 2018

A key driver of successful financial inclusion is the ability for lenders to effectively gauge the risk of an underserved consumer. It’s also a challenge that FICO is in a unique position to address and at scale. In many cases, consumers that currently lack access to credit can be credit risks. With FICO® Score XD in the U.S.,

Financial Inclusion 77

Financial Inclusion Innovation Credit Risk Underserved 77

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.

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

NOVEMBER 8, 2017

Intuit’s announcement noted the solution was developed on top of its existing data science and machine learning capabilities to underwrite loans to SMBs. In the news release, the company said it is launching QuickBooks Capital and becoming a direct lender to small business customers in need of working capital.

Small Business 41

Small Business Federal Reserve Underserved Underwriting 41

Fintech News

FEBRUARY 27, 2024

Rapid digitalisation, a young internet-savvy population, and underserved markets make the region ripe for fintech disruption. The fintech industry in the Asia Pacific region is booming, with several high-growth companies potentially eyeing an initial public offering (IPO) as early as 2024. Despite global fintech funding nosediving to US$39.2

FinTech 113

FinTech Risk Compliance Multi-Currency 113

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

MARCH 12, 2019

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?’”. He offered the analogy of a barbell approach, where the biggest companies operating in the U.S.

Underwriting 40

Underwriting Deposit Account Underserved Adjustments 40

PYMNTS

FEBRUARY 16, 2018

This was born out of seeing what it takes to underwrite a small business and understanding the opportunity of additional information sources,” he said. When it comes to credit underwriting, data collection will make things more efficient — document collection will be more efficient, for example.”. This is about augmentation,” he said.

Underwriting 40

Underwriting Small Business Automation Process 40

PYMNTS

JUNE 1, 2017

Capital One took the financial world by storm by focusing their efforts on identifying underserved customer segments and accurately understanding the risks associated with those customers. Another way we’ve overcome the challenge is by getting underwriters involved early in the process. PYMNTS: What is next?

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

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. Technology serves as an advantage for X Financial, even beyond its underwriting engine.

P2P 66

P2P Credit Cards Online and Mobile Banking Credit Limit 66

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.

Financial Inclusion 86

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

PYMNTS

AUGUST 7, 2019

In the meantime, banks and FinTechs appear eager to collaborate and promote adoption of the technologies and emerging services that are available today — and eager to test how these tools can positively impact small businesses, a market Thyagarajan said is significantly “underserved” today.

Office of the Comptroller of the Currency 72

Office of the Comptroller of the Currency Payment APIs and Integration Federal Reserve Small Business 72

CB Insights

OCTOBER 10, 2018

What these startups share is the goal of creating customer-centric banking products that target underserved individuals and businesses. Many of the startups disrupting banking are reaching customers who are either underserved by existing bank accounts or do not qualify to open an account (unbanked). Underbanked/Unbanked.

Online and Mobile Banking 78

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

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. Small-dollar loans — less than a thousand dollars — are hard for banks to offer profitably.

Underserved 54

Underserved Product Underwriting Economy 54

PYMNTS

APRIL 4, 2018

I think one of the great promises of more fair and accurate underwriting is bringing people back into the markets that have had an issue,” he said. Life happens to people in a lot of ways, and the credit markets tend to punish people for those types of events for a long, long time. “I about their vision,” Gross noted.

Credit Cards 53

Credit Cards Underwriting Product Regulations 53

PYMNTS

JUNE 11, 2019

“Consumer banking has become very commoditized, but small businesses are still very underserved.” That includes SMB FinServ in areas like small business loan underwriting, and the diversification of offered products and services. More) Disruption Ahead. Open Banking will be a force in U.S.

Office of the Comptroller of the Currency 60

Office of the Comptroller of the Currency Small Business Payment APIs and Integration Third-Party Service Provider 60