Finicity Lend Open Banking Credit Decisioning

Today, we at Finicity are  pleased to announce the launch of Finicity Lend™, which brings in several new data services and capabilities to the Finicity open banking platform, creating a more expansive, integrated solution. This solution set enhances the current credit review system while also leveraging the tremendous advantages of open banking and consumer-permissioned financial data to better assess credit worthiness going forward. Fincity Lend’s new data services and capabilities include: Cash Flow, CRA Statements, CRA Transactions, Scoring Attributes, and use of payroll data enhancing our income and employment verifications.

Finicity Lend ensures greater efficiency and accuracy, better risk management, real-time insights, and enhanced credit-decisioning throughout the lending process. Our team wants to capitalize on credit decisioning and lending to drive forward more consumer-centric financial data and services, especially in this new era of open banking.

Cash Flow Analytics Offer More Context

The new Cash Flow service delivers a broad set of cash flow attributes to provide lenders with a more accurate and realistic view of a small-to-medium business (SMB) or individual’s creditworthiness. Utilizing the advanced data intelligence of our open banking platform, this digital service automates and streamlines the capture and delivery of data that otherwise requires significant combinations of manual and automated processes.

CRA Statements and Transactions Data Services Put Power in Consumers’ Hands

Lenders use all sorts of data in decisioning processes. With Finicity Lend, borrowers can easily permission lenders to use their financial data from their accounts  to verify information and garner insights for better decisioning. Finicity Lend delivers this data in accordance with the federal Fair Credit Reporting Act (FCRA) compliance requirements, ensuring that Finicity’s consumer-permissioned data meets the legal requirements of the FCRA. With intuitive permissioning and FCRA compliance, Finicity Lend offers the most consumer-centric and consumer-friendly approach to using  next gen financial data within the credit-decisioning process.

Payroll Gets a Front Row Seat

To further assess creditworthiness, Finicity has also added Automatic Data Processing (ADP) as the first of many new payroll data sources to our open banking platform. This supplies a connection to the payroll provider that offers direct-from-the-source data. Consumer-permissioned income and employment details are key information for a lender to obtain and the integration of ADP allows for easy, transparent access to this vital data. And it reduces the friction involved in manual verifications.

Digital Transformation Drives Open Banking

The goal of Finicity Lend is to make the credit review process faster, more accurate, and more efficient for lenders who offer all kinds of loans, including mortgage, auto, small business, personal, and others, to provide a more transparent and accurate view of a person’s creditworthiness.

In a recent survey that Finicity conducted, 82% of consumers called for an updated credit-decisioning process, stating they believe the current credit review process and criteria need to change to make it easier for responsible borrowers to prove creditworthiness. A majority of consumers stated that they would be willing to share current income information, payment history for utilities and other services, as well as rent history to give lenders a more accurate view of their financial standing and ability to pay back loans.

The new wave of digital transformation and open banking standards in the US are bringing about much needed change that Finicity is ready to tackle through our open banking platform.

To learn even more about the new Finicity Lend solution set, be sure to check out our virtual booth during LendIt Fintech USA 2020 from Sept. 29 – Oct. 1, or request a demo online.