Credit score analytics firm Nova Credit score has launched a brand new platform to onboard and analyse client credit score knowledge from a variety of different sources.
The reside platform is already being utilized by firms resembling 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 knowledge.
The platform options multi-source knowledge 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 allows customers to securely share their monetary knowledge with third-party suppliers to enhance entry to monetary services.
Monetary establishments and fintechs recognise the worth this consumer-permissioned knowledge brings to drive development and assist safety. Nevertheless, they’re challenged by scaling entry and seamlessly deploying this knowledge 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 learn from capabilities like money circulation underwriting, automated revenue verification, danger monitoring, cross-border credit score, and extra.
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“A number of the bureaus will let you know that the explanation that ~100 million People wrestle with monetary entry is that there merely isn’t sufficient knowledge on them,” mentioned Nova Credit score co-founder and chief govt Misha Esipov.
“Our view is the alternative. There may be an abundance of client knowledge, however lenders don’t have a seamless and compliant option to entry it.”
“As using different credit score knowledge continues to mature, making certain the info is reliable, compliant, and correct should be a high 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 knowledge, 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 one of the best lenders from the pack.”
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