With Cashflow Insights, consumers can grant permission to lenders to access their bank transaction data. With this insight, lenders can more confidently extend credit to consumers – especially those with thin files or no credit history.
Who It's For
Digital and FinTech Lenders
Use alternative data to enhance risk assessment and approve more applicants
Resellers and Service Providers
Leverage consumer-permissioned bank data to inform decisioning
Small Business and Student Lenders
Incorporate new data to broaden view of businesses and consumers' financial position
Millions of Consumers Have Thin Files or No Credit History
In fact, approximately 32 million consumers in the U.S. either have no credit file, or have insufficient credit information to generate a traditional credit score.
But over 70% of Americans are willing to share more personal data for fairer credit decisions. That's where Cashflow Insights can help. By enabling lenders to access consumer bank transaction data, lenders can pinpoint prospects who may have a more reliable financial record than their traditional credit report suggests.
Approve more applicants
Increase the scorable audience with consumer-permissioned bank data from Yodlee
Uncover new revenue opportunities
Gain insight on existing customers as well as thin and no-hit credit profiles
Access bank data
Analyze balances, expense transactions, credit payments, and payroll information
Provide faster credit reviews and enhanced service
Extensive coverage and proven results
Cashflow Insights can provide 24 months of account balances, spending/payment history, and income data for about 99% of bank account transactions from over 21,000 global providers.
The solution enables lenders to:
Increase card approvals: Bank data on 40% of lender's credit card applicants can increase approvals by 8.2%
Gain lift in predicting delinquent accounts: Lenders realized average lift of 13.2% among thin-file and 8.3% among non-prime/subprime consumers*
Consumer-permissioned bank transaction data is available to lenders on demand and in real time for quicker, deeper visibility and better risk decisions.
How It's Used
Expand Access to Credit to More Consumers
Traditional credit metrics do not always reflect a consumer's current financial situation and ability to to take on a new financial obligations. By leveraging alternative data sources such as Cashflow Insights consumer-permissioned bank transaction data, lenders can better qualify, underwrite, and manage more loans - and provide more consumers access to credit.
DataX Credit Report
Bring more borrowers into view with non-traditional credit data