So, why shouldn’t you expect the same experience from your risk decisioning and analytics solution? You should, but users often don’t. The reason why is simple: previous risk decisioning and analytics offerings just weren’t built that way. So, as a user you’ve had to look to multiple products when you want world-class solutions for decisioning, data integration, and business insights. You’ve essentially been working with an airline, hotel, and car rental service to book your next vacation, instead of having a ready-to-go travel ecosystem experience.
What does this mean for your credit risk strategy?
As a startup, you might have the latest cloud-based solutions for each component of the credit decisioning process, but they all come from different vendors and compiling the insights is a labor– and time-intensive process. As a more established fintech, you might have the MVP solution you went to market with that can’t provide the decisioning insights you need to continue your growth journey. If you’re driving an older, and typically larger, full-service firm, you often have a wealth of data, but it’s locked up in various legacy systems that don’t communicate with each other. Ultimately, the end result is the same—a disjointed, incomplete view of credit risk lifecycle and limited insights into your decisioning performance as a whole.
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