For credit unions, online lenders, digital banks and those interested in lending innovations
Be ready to witness the launch of a new risk policy LIVE - right during the webinar, exclusively for the attendants
The rise in digital onboarding after COVID-19, growing number of data sources and global recession in the highly competitive loans market push many financial institutions to reimagine their risk policies. Plenty of them found that risk models and loan pricing that worked yesterday and a few years ago are no longer adequate to the current situation. Also competition with alternative financing services lives no place for long term manual approval process in a few days for personal loan. As the result many bold financial businesses have started replacing the process of their traditional legacy systems with automated digitized systems in their decisioning.
At the same time fintech startups also struggle with issues to select one of ready models that will keep them safe from overdue and defaults. Today as never before in history new lenders should pay attention to details. When in the pre-digital era there were up to 100 loan application attributes you probably can check them in the excel table. Now the decision process requires a ton of data about borrowers' devices, social accounts, open banking accounts, credit reports and identity trust services. There are thousands of attributes that won't fit any table and make manual underwriting impossible in modern lending. So the fintech startups have started to look at out-of-the-box software instead of excel files and custom code development which has a lot of points of failure.
Do you also struggle with:
Restrictions in legacy systems to run new risk models?
Failed deadlines of new models and products?
Painful change processes of your decision flow?
Lack of resources to integrate new data sources?
You aren’t alone with this case.
Join Neofin experts Svitlanka Sergiichuk and Stan Tymoshenko live where we’ll explain how you can break the limits in risk management with help of no-code Underwriting studio powered by Equifax.