How Direct Data Access Improves Business Lending

A special report from LendIt and ForwardAI on the opportunity of real-time data for underwriting efficiency.

White Paper • 2021

What is this paper about?

Open banking presents new capabilities for business lenders. One of the most notable: Secure, immediate access to financial insights using automation. As data availability and technology advances, bank and non-bank lenders must improve how they assess credit worthiness.

Earlier this year, LendIt and ForwardAI collaborated on a market survey to assess how lenders use business and financial data, apply technology to predict borrower outcomes, and drive credit decisioning.

Our goal was simple: Understand data gathering practices and how these data (and insights) influence performance.

This report explores findings to these issues – and uncovers the differentiators of tech-forward lenders.

Key Points:

40% of respondents agree that manual documentation and data gathering negatively affect loan processes
15% of lenders are already using direct data collecting to access borrower information, compared to 47% of lenders who still use manual processes such as emails, PDFs, and spreadsheets
33% of lenders are collecting financial data within three days of an application, while 40% of respondents take more than one week and an astonishing 19% take more than two weeks
26% of companies are using fraud detection software to identify altered, outdated, or fraudulent loan application data

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