Financial Tech Startups Make Lending Decisions Easier

[Corey Dutton]

In a recent article on American Banker, several financial technology startups were highlighted that are helping lenders in loan underwriting. One of these financial tech startups is called ‘Enigma.’ This technology allows underwriters to view publicly available data from 100,000 different sources. The availability of such data, facilitates much of the extensive research involved in loan underwriting. For example, a commercial real estate lender could examine water usage information, along with other utility usage of a commercial building, to better determine expenses and occupancy levels of the property.

Another startup that was highlighted in the article actually helps those with no credit history to obtain loans. RevolutionCredit is a service that banks and other lenders can request that borrowers sign up for if they have no credit history. RevolutionCredit offers online courses and tests consumer’s financial knowledge to satisfy lenders that potential borrowers are creditworthy. This eases lending decisions for loans to borrowers with no credit history. To see other startups in Financial Technology that are making waves, read the entire article on American Banker at this link: http://www.americanbanker.com/issues/179_126/six-fintech-startups-that-wowed-bankers-1068398-1.html

Posted by Corey Curwick Dutton