By Adam DiVeroli & Tara Kumar
What if you had an unparalleled, full-detail view of the consumer with visibility into their bank account, including expenses and transactions? Payment instrument data provides this powerful and indispensable access, integral for decisioning, underwriting, verification, and payment processes. This live data fills the gap in credit information, instantly revealing who the consumer is today and goes a step further, revealing how they will behave in the future. Payment instrument data is derived from the transactions and attributes associated with debit cards, pre-paid cards, credit cards, bank accounts, and payment processors.
By Noah Fitzgerald, CPP
Lenders are missing significant opportunities: There are good borrowers that are declined and there are approved applicants that never originate. Considerable time and money is spent on finding and buying leads that are not converted. Declining good business results in lost revenue and loss of a good client. Approximately 5 – 15% of all approvals never convert to an origination and 30-60% of all applicants are declined. These problems exist due to the lack of data available on the borrower. Traditional data on the borrower places them into a decline or a higher risk profile. Lenders’ scoring and risk models put the borrower outside of approval guidelines. So, how can a lender convert more of the approved apps and safely approve more of the declines?
Miami, FL | April 16-19, 1028
The Community Financial Services Association of America (CFSA) is the leading national association representing non-bank lenders that offer small-dollar credit products and other financial services.