Financial industry experts strategic use of consumer-permissioned data in credit scoring

Lenders today face a rapidly changing financial landscape, making it vital to explore new strategies for smarter risk decisions like consumer-permissioned data where borrowers permit their checking and savings account histories to be shared with lenders. Through thought leadership, solution insights, and success stories, lenders gain fresh ideas from industry experts to attract new customers and enrich their credit scoring strategies with consumer-permissioned data, leading to enhanced customer loyalty and service personalization. By leveraging consumer-permissioned data, lenders can gain a comprehensive view of a borrower's financial health beyond traditional credit scores. 

Adding the borrower cash flow insights can help lenders expand their portfolios and broaden credit access, creating a more inclusive financial experience. This approach not only identifies additional creditworthy borrowers who may have been overlooked but also helps lenders tailor loan products to meet expanded consumer needs. Incorporating consumer-permissioned data in a strategic credit score layering approach not only empowers lenders to foster financial inclusion but also strengthens their competitive positioning in the industry.

Learn more about incorporating consumer-permissioned data attributes and how this data may help banks, credit unions, fintech or other financial providers better customize lending decisions:

• Additional insights into the individual borrower’s cash flows (inflows and outflows)
• Transaction volumes and history
• Spending habits
• Indications of recent insufficient funds