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Today’s credit evaluation process is manual, subject to fraud, and prone to use of outdated banking statements.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.
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.
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