Alternative data helps lenders score previously difficult-to-serve groups like thin- and no-file customers. Lenders seeking to serve those client groups need the right technology in place, Provenir’s executive vice president for North America Kathy Stares said.
Alternative data could be critical to financial inclusion, but industry experts say it isn't all plain sailing. Find out why.
Tuesday, the b2b2 SaaS provider Provenir introduced Provenir AI, a no-code AI credit risk underwriting platform. The release came just days after a Provenir published a study that showed most fintechs or fin services were not confident with their current underwriting models.
Lenders have long identified the need to develop better scoring models that include those with thin or no credit files, but the problem persists, Credolab’s CSO Michele Tucci said. Credolab tackles the problem using privacy-consented and permissioned data through smartphones and web pages.
TransUnion added lending decision firms to its Strategic Alliance Distribution Partner Program, like the fintech Provenir and GDS Link.