August 17, 2021
Be curious always! For knowledge will not acquire you; you must acquire it ~ anonymous
Come on, don’t judge me based on a few of my personal traits, it’s just not fair. Rather, look at the whole me, then decide if I am worthy.
And if you are evaluating my credit worthiness, impacting the rest of my life, the analysis better be meticulous, expansive, insightful, and timely. Thankfully, the lending industry is listening — credit scores are only part of a consumer’s financial footprint; alternative financial data has arrived empowering deeper insights and more equitable decisioning.
RIBBIT.ai combines 23 years of payment history with the complex field of data science analytics powering data initiatives into the lending space. Instead of relying on a restrictive credit score, RIBBIT.ai’s technology reviews a consumer’s recent transactional bank data.
The insightful process can generate thousands of measurable attributes from a bank account reflecting a consumer’s ability to purchase and pay for products/services. RIBBIT.ai’s non-traditional credit scoring harnesses the predictive power of open banking and payment data delivering smarter and more equitable lending decisions.
RIBBIT.ai’s Chief Data Scientist, Steven Thompson, has more than 15 years of analytics experience in financial, retail, energy, and transportation industries and has effectively led data initiatives at multiple companies. Thompson’s expertise in machine learning, data engineering/enhancement, product development, and sales analytics consulting supports RIBBIT’s data-driven products. Thompson reports, “The speed at which RIBBIT is revolutionizing the marketplace is impressive and invigorating and I am thrilled to be leading their data-driven/AI platform.”
Shawn Princell, CEO of RIBBIT.ai, comments, “Our decisioning products powered by data and supported with innovative AI are changing the dormant, lending landscape. Starting now, consumers and lenders are the recipients of an equitable, all-inclusive risk-decisioning process that covers an unprecedented 99% of bank accounts instantly. This represents a 45% lift over traditional credit and underwriting scores.
RIBBIT.ai’s bank analytics process identifies fraud and payment affordability risk based on an applicant’s bank account history. At the conclusion of the analysis, it yields 5 codes that recommend a course of action to minimize repayment risk. The trended attributes that are measured provide a comprehensive, holistic view of a consumer’s financial wellness rather than a static picture. Definitely, a game changer for lenders and consumers!
Stay tuned . . .
It’s great to be great, but it’s greater to be human ~ Will Rogers
One of my father and husband’s favorite TV characters was Andy Rooney, who appeared at the end of every 60 Minutes episode with a short critique on the condition of the world. Andy was the dessert at the end of the informative and serious news program, culminating with a rise of his bushy eyebrows, a twinkle in his eyes, and his witty, often acerbic insights about the way things were. And was often said, he could say so much with just a few words.
Tomorrow doesn’t matter, for I have lived today ~ Horace
A young, grey cat with the greenest eyes wandered into our yard last week and made serious eye contact appearing to ask for my assistance. Not particularly a cat lover, I hoped she would go away, but after hours of continual pacing and meowing, I poured some milk into a bowl. Needless to say, Greyling knew she had found a friend and yes, I did name her.
Success is a ladder than cannot be climbed with your hands in your pockets ~ American proverb
In a country often filled with broken promises and lip service, it’s refreshing to look at the track record of the Electronic Payments Association (NACHA), who introduced Same Day ACH for credits 5 years ago. NACHA, the rule maker and governing body, for most financial transactions in the U.S., promised yearly enhancements to Same Day ACH including adding debits, expanding the hours to submit payments, and increasing the dollar limit for each payment. The payment’s world salutes NACHA for their honesty, transparency, commitment, and follow-thru.