The Paypers

The offering will enable financial service providers to access accurate consumer data in order to make educated lending decisions.

Today’s credit evaluation process is manual, subject to fraud, and prone to use of outdated banking statements. This can lead to high operational costs and inaccurate reports. For New Zealand financial institutions and fintech innovators, Envestnet | Yodlee Credit Accelerator can provide a complete, accurate, and real-time financial picture of the borrower.

The technology leverages consumer-permissioned data acquisition that enables financial service providers to generate a comprehensive report which includes income and expense summaries. It also helps to identify key credit risk and lifestyle factors, such as whether applicants have children, regularly eat out, pay their bills on time or pay large amounts of interest on their credit card.

Supported by Envestnet | Yodlee’s core data aggregation and machine learning capabilities, Credit Accelerator categorises and enriches income, expenses, and transfers, creating deeper and more accurate credit insights.

The intuitiveness of this technology will allow for multiple automated and curated feedback points, which will improve categorisation, and tailor it to any credit use case and internal or regulatory scheme. Moreover, there is the option for lenders to build Envestnet | Yodlee’s advanced API technology into their app or service.

For the consumer, the technology’s automated and easy financial data retrieval will eliminate the need to submit paper statements. It will also increase confidence in the accuracy of loan decisions, knowing lenders can see their full financial picture. Furthermore, the reports generated by Envestnet | Yodlee’s Credit Accelerator will increase the speed at which a loan can be received, as credit and lending decisions can be fast-tracked with this easily accessible, complete financial picture.

Envestnet | Yodlee launches new credit accelerator solution