Option 2: The Marketplace Approach
Use a data marketplace. Through a data marketplace like Provenir’s, lenders can accelerate and improve the accuracy of risk decisions by selecting numerous data sources in the lending ecosystem to meet individual needs. When choosing a data marketplace make sure to select a data vendor that can support your alternative data strategy both now and in the future. Some questions to ask: • Does the data meet regulatory and compliance requirements? • Do you have partners across all regions? • What types of alternative data are available? • How easy is it to integrate data into my decisioning processes? • Will I need vendor support to add data sources to my data feed? • Will I need to maintain integrations? • Do you add new vendors to the marketplace? Once you choose your data marketplace solution, you’ll select your data sources and connect them into your decisioning solution. With Provenir, think of this as your customizable real-time data feed. You can pick and choose data to build out your 3D view of customers all through a single marketplace and API.
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