Small business lending is a challenge for financial institutions, which often rely on the credit bureau score of the business owner to make decisions on lending for the organization. In addition, the small business lending process is slow and inefficient compared with competitive fintech/digital lending services.
Goals and Objectives
Financial institutions will invest in more flexible lending/underwriting platforms that utilize advanced analytics and alternative data to make accurate, speedier decisions. These platforms ingest data from a wide range of sources, including the small business’ own transactional, debt, and liquidity history; alternative data; bill payment; and credit bureau scores.
Alternative data services, AI/machine learning platforms, Big Data, Cloud
Use Case Summary
Empower the FI’s small business lending team to analyze alternative data, make expansive underwriting decisions, and speed up approval and disbursement processes.