Technology is obviously essential to digitizing lending processes, but to really support future business success your chosen tech solution needs to power agility, flexibility, and scalability. For financial services organization this means that it needs to do the following things:
Data is the key to making smart decisions, would you buy a car without knowing service history, number of miles, number of owners, etc.? To pull information into your digital decisioning solution you need to integrate to key data sources. But hard coding API integrations makes your risk team reliant on your IT department to build and update integrations as you need them. This slows down your risk team and prevents you from rapidly implementing your risk strategy.
Instead, you need a solution that empowers your risk team to quickly create connections to data sources that help you understand the health and potential of an SME, including accounting software, tax information, and bank accounts. For example, risk platforms like Provenir provide integration wizards that make it quick and easy to create new integrations and normalize data so it’s available to your team in a usable form. With low-code technology, business users have access to a drag-and-drop user interface that empowers your risk team to easily map data from the source into your risk analytics tool. With simple integrations your team can also easily explore the use of alternative data in the decisioning process, making it easier to expand the approval criteria needed to power your loan decisions.
Your risk analytics platform should empower you risk team to use the latest predictive analytics tools to not just decision loans, but also improve the speed and accuracy of the decisioning process.
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