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Credit score analytics firm Nova Credit score has launched a brand new platform to onboard and analyse shopper credit score information from a variety of different sources.
The reside platform is already being utilized by corporations reminiscent of American Categorical, HSBC, Scotiabank, Verizon, SoFi, and Yardi.
The Nova Credit score Platform is designed for lending establishments to develop responsibly by streamlining onboarding, verification, and underwriting processes of credit score information.
The platform options multi-source information orchestration, embedded analytics throughout Nova Credit score’s three flagship merchandise, versatile deployment, and an end-to-end compliance framework.
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The platform is a response to the rising introduction of open banking, which permits shoppers to securely share their monetary information with third-party suppliers to enhance entry to monetary services and products.
Monetary establishments and fintechs recognise the worth this consumer-permissioned information brings to drive development and assist safety. Nonetheless, they’re challenged by scaling entry and seamlessly deploying this information into actionable credit score danger insights.
Corporations have struggled to seamlessly embed these workflows to drive conversion and navigate a variety of analytical and compliance questions. Resolving these points is essential to profit from capabilities like money move underwriting, automated earnings verification, danger monitoring, cross-border credit score, and extra.
Learn extra: Twino launches open banking resolution to enhance consumer expertise
“A few of the bureaus will inform you that the rationale that ~100 million Individuals battle with monetary entry is that there merely isn’t sufficient information on them,” stated Nova Credit score co-founder and chief govt Misha Esipov.
“Our view is the other. There may be an abundance of shopper information, however lenders don’t have a seamless and compliant solution to entry it.”
“As using different credit score information continues to mature, making certain the information is reliable, compliant, and correct have to be a prime precedence for lenders who look to include it into their underwriting practices,” added Nova Credit score chief know-how officer Yacine Azmi.
“Along with dependable information, the flexibility to evaluate credit score danger precisely and inside one, easy-to-integrate platform is paramount, however working with an skilled companion who understands each the credit score analytics and compliance is what’s going to separate the very best lenders from the pack.”
Learn extra: Open banking funds double in first half 2023
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