GROWTH, RISK, AND OPERATIONAL EFFICIENCY IN A GROWING AND UNCERTAIN DIGITAL WORLD

Building a better future with automated access to alternative data

White Paper • 2020

What is this paper about?

Financial institutions face unprecedented business challenges as a result of the COVID-19 pandemic. It is expected that profit before taxes in the banking industry will drop from 50-100% as a result of misalignment of short-term revenue and expenses resulting from the fallout. According to TransUnion, over 100 million accounts showed signs of financial distress as borrowers deferred debt payments from March to June.

Between an increase in delinquencies, the abrupt shift to digital transactions, and unexpected surges in demand for credit, it is critical for lenders to incorporate data sources beyond traditional credit data.

This paper will explore the process of incorporating and expanding the use of alternative data to promote growth, minimize risk, and improve operational efficiency as banks and lenders recover during and after the COVID-19 pandemic.



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Key Points:


  • Banks and lenders are impacted by an abrupt shift to remote customer interactions and digital operations
  • Economic downturn reveals credit blind spots, less effective risk models and inefficient processes.
  • Digital access to alternative data and integration of credible data sources drive growth and support business continuity
  • Includes key components of an effective alternative data strategy
  • Clearly defining data needs and use cases is a fintech’s most important first step.

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