Inside the Lender: The Case for New Credit Risk Technology

From nimble competition to increasingly sophisticated types of fraud, our latest research reveals that many lenders are still finding it hard to keep up with the pace of change and the expectations of key stakeholders – all while keeping their strategies aligned with risk appetite and making the best lending decisions for the business.

Despite these complex demands, many lenders still rely on multiple decisioning and analytics systems, which create fragmented workflows and increase risk. These silos also make it hard to understand performance, meet regulatory requirements, prevent fraud, or scale without compromising speed or accuracy.

Based on our survey of various lenders, business leaders recognize the challenge. But it can still be hard to make a business case for introducing modern, holistic credit risk technology. Focus on these benefits to start:

1. Accelerate digital transformation: Modernize your infrastructure and make it much easier to catch up with fintech competitors.

2. Expand credit access: Serve thin-file/no-score applicants through alternative data and modeling.

3. Increase automation: Reduce manual reviews and accelerate turnaround times.

4. Strengthen fraud prevention: Integrate layered fraud tools into your credit workflows.

5. Accelerate time to market: Develop new products more quickly with an agile strategy, including testing methods such as champion-challenger testing, simulations, and rapid iteration.

6. Ensure regulatory compliance: Meet audit and traceability demands with full decision logs.

7. Reduce costs and improve decision-making: Increase efficiencies and accuracy by centralizing and orchestrating internal and external data sources across the credit lifecycle.

8. Boost approvals and revenue: Enhance credit offer matching and loan conversions with improved intelligence, greater precision, and faster response times.

Still feeling uncertain? Talk to our experts and build your case to optimize your entire lending program with a unified, digital decisioning platform.