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CUSO partners to provide cashflow underwriting technology to credit union community
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EDGE, the leading cashflow consumer reporting agency (CRA), released a new customer acquisition solution that enables lenders to screen leads using rich bank transaction data, prior to purchase.
Once the cornerstone of all lending decisions until the mid-eighties, cash flow underwriting is at a new tipping point thanks to machine learning and data analytics.
Next-gen loan origination platform to offer end-to-end open banking underwriting insights as part of its highly-customizable system.
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The partnership will enable credit unions using Sync1's cloud-based loan origination platform to look beyond traditional credit scores and have access to attributes based on real-time financial insights from members' share draft accounts as well as external accounts.
If you’re like most people, you answered the NCAA Championships. That’s not a slight against others like the National Invitational Tournament, College Basketball Invitational, and CollegeBasketball Crown. But when it comes to college basketball and March sports in general, there’s the Big Dance and then there’s everyone else.
When most of us were gearing up last fall for turkey, football, and political arguments with Uncle David, Amazon announced they were going to start selling cars. And why not? They drop off boxes weekly at most of our doors for everything from TVs to toothpaste, but with an average order value of around $50 they’ve been missing out on one of the biggest ticket purchases most of us ever make: our cars.
HES is thrilled to announce our strategic partnership with EDGE, a trailblazer in open banking data and analytics that provides lenders with comprehensive insights into consumer creditworthiness and fraud risk based on an extensive repository of bank data.
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Industry-first open banking platform will deliver access to external accounts alongside direct connectivity to credit unions' core systems for complete financial picture of members and indirect applicants.
Super Bowl LVIII is on the books. Whether you were among the 123 million like me who watched the game or the other half of the country who didn’t, you’re probably familiar with the adage “defense wins championships.” Seeing the Chiefs and 49ers go back and forth got me thinking about the legacy consumer risk paradigm where you’re only assessed on your equivalent of defense – how successfully you’ve kept creditors at bay, as reported on traditional credit reports based on historical tradelines.
For much of the past decade, open banking has been a buzzword tossed around by opinion leaders, pundits, and a few of my smarter friends. I'll admit that I didn't have more than a third-grader's understanding of open banking until I met the EDGE team and started ideating with them on what we could build and bring to credit unions.
Nearly every checking and savings account in the U.S. can be accessed through a bank data aggregator. An entire ecosystem of open banking fintech has emerged around this data – from financial health dashboards to payments authentication to credit risk assessment.
Leading credit union fintech news outlet Finopatomus covered EDGE's recent entry into the space and unique value proposition.
Akoya will deliver consumer-permissioned bank account data to EDGE and its consumer lending customers for better informed underwriting decisions.
The Consumer Financial Protection Bureau conducted an analysis based on its Making Ends Meet survey suggesting that cashflow data can inform better credit underwriting decisions.
Bank transaction-based credit risk underwriting revolutionizes lending by providing valuable insights into borrowers' repayment abilities, and EdgeScore excels as a leading predictive risk score in accurately assessing risk across the credit spectrum.
Verification of income has traditionally been one of the most expensive and time-consuming steps in a loan application. With the innovation of instant bank verification (IBV), proof of income can be achieved in near real-time along with a host of risk insights relevant for credit decisions.
Bank transaction analytics platform EDGE announced today that it is officially a Consumer Reporting Agency (CRA). As a CRA, EDGE can deliver income verification and credit risk analytics based on consumer-permissioned data while providing all consumer safeguards required by the Fair Credit Reporting Act (FCRA).
Edge, using its industry-leading data lake, has gained valuable insights into the influence of Buy Now Pay Later (BNPL) on various credit types. Proprietary research reveals that borrowers engage in familiar patterns such as loan stacking, increased borrowing during financial stress, and heightened default risk due to additional obligations.
Buy Now, Pay Later plans are frequently in the headlines for opportunities and risks alike. BNPL obligations pose a challenge for other lenders because they are largely unreported to credit bureaus. However, these liabilities can be reliably found in bank transaction data – an essential step in decisioning on a complete picture of consumer risk.
At Opal Group's summit, Mark Friedgan, CEO of NinjaHoldings, showcased NinjaEdge's data-driven analysis of 2.5 billion bank transactions, addressing the risks of "hidden liabilities" like BNPL loans and advocating for more profitable underwriting solutions that encompass a consumer's complete financial picture.
“Already a critical tool in many lenders’ decision-making, our updated score is even more predictive of consumer underwriting risk. We have significantly improved our ability to score applicants with less data or lacking consistent income sources.”
Mark Friedgan – CEO of NinjaHoldings, the parent company of NinjaEdge – kicked off the LEND360 conference in Chicago with timely perspective on consumer lending against the backdrop of unprecedented inflation and the potential to grow profitability through the economy’s ups and downs using NinjaEdge analytics.
Traditional credit scores are inadequate for assessing risk in nearly half of the U.S., while analyzing cash flow behaviors in checking and savings accounts provides a more comprehensive financial picture, leading to actionable insights that enhance underwriting decisions.
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Mark Friedgan, CEO of the parent company of NinjaEdge, spoke on incubating the cashflow underwriting IP that would eventually become the NinjaEdge B2B analytics offering.
NinjaEdge, the only bank transaction analytics platform built by lenders for lenders, released today its NinjaEcho solution that provides clients with no-cost confidence that a healthy connection can be established to a consumer-provided checking or savings account.
Today, we're diving into the world of storefront lending and how automation is transforming the game. We'll explore the incredible advantages of automation and how it's paving the way for more efficient, customer-friendly, and data-driven lending processes.
In the world of lending, making sound decisions is paramount. A borrower's income is a critical factor in assessing their creditworthiness and ability to repay a loan. Lenders require effective tools to evaluate this key aspect of every loan application. Enter EdgeIncome, a solution that empowers lenders to make informed decisions while streamlining their operations.
Bank transaction-based credit risk underwriting revolutionizes lending by providing valuable insights into borrowers' repayment abilities, and EdgeScore excels as a leading predictive risk score in accurately assessing risk across the credit spectrum.
Verification of income has traditionally been one of the most expensive and time-consuming steps in a loan application. With the innovation of instant bank verification (IBV), proof of income can be achieved in near real-time along with a host of risk insights relevant for credit decisions.
Edge, using its industry-leading data lake, has gained valuable insights into the influence of Buy Now Pay Later (BNPL) on various credit types. Proprietary research reveals that borrowers engage in familiar patterns such as loan stacking, increased borrowing during financial stress, and heightened default risk due to additional obligations.
Buy Now, Pay Later plans are frequently in the headlines for opportunities and risks alike. BNPL obligations pose a challenge for other lenders because they are largely unreported to credit bureaus. However, these liabilities can be reliably found in bank transaction data – an essential step in decisioning on a complete picture of consumer risk.
Traditional credit scores are inadequate for assessing risk in nearly half of the U.S., while analyzing cash flow behaviors in checking and savings accounts provides a more comprehensive financial picture, leading to actionable insights that enhance underwriting decisions.