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 . . .
Failure is not fatal, but failure to change might be ~ John Wooden
Have you ever noticed how some criticism can play havoc with your hearing and scrambles your brain? Words are suddenly hard to decipher and the ego is instantly drawing up offensive plays to counter act the severe disapproval. It becomes almost impossible to achieve a workable solution when one party is on the attack while the other is strategizing a bloody coup d’état.
A little knowledge that acts is worth infinitely more than much knowledge that is idle – Kahlil Gibran
Open banking just got a giant goose from the President of the United States. In an executive order, President Biden strongly suggested that the Consumer Financial Protection Bureau (CFPB) endorses guidelines forcing banks to loosen their grip on consumers’ bank data. Time for banks to “give it up” to the actual account owners so they can download their banking information and share it with other banks and 3rd party service providers. Wow, this is big!
The universe is always sending us gifts, all we have to do is open them. ~ Di Princell
Artificial Intelligence (AI) may well be the supportive superhero for credit decisioning in the current decade: slaying machine-learning systems, disrupting financial services, fighting against biased algorithms, demanding more accurate predictions, and destroying the way credit risk is measured. Combining AI with financial data creates knowledge out of confusion and sees into the future: changing status quo, paving the way for innovation in the financial arena, and tearing down closed doors to credit.