Why Interpretation of Data Matters

Written by Di Princell

March 28, 2022

When a man gives you a rose, what you see may not be what he intends~ Patrick Rothfus

Assessing information is the foundation of most of life’s important decisions. Mistakes are made when the data is unavailable, unclear, inaccurate, insufficient, immaterial, or unjust. How many people have suffered throughout history by poor decision-making? Like it or not, today’s world is data driven, hopefully an information mecca for making insightful, educated, proven and unbiased decisions. However, data is just that, information on a page, it becomes meaningful only when it is wisely analyzed and interpreted.  

  • FinTech Global reported in an article* that a data software company Quantexa, found “95% of organizations suffer from the data decision gap which is an inability to bring together internal and external data needed to make accurate decisions. According to Quantexa’s study, organizations suffer from the gap due to inaccurate and incomplete datasets which ultimately impacts the bottom line. The study also found that 50% of strategic decisions are missing crucial intelligence because organizations are unable to take full advantage of data for operational decisions, only 52% manage to rely on data.”

           *Overwhelming Majority of Organizations Suffer from Data Decision Gap

Numbers matter only if they have meaning. For example, the current average FICO score of 716 is at an all-time high which by itself is a good score, yet if truly understood , it represents a false positive. As the highest inflation in 40 years takes a toll on everyone, consumers are experiencing new debt levels and traditional bureau models obviously no longer reflect the new economic environment. The bureaus’ measurement formula by itself is a piece of the lending puzzle, however, interpreting bank behavior as the foundation of an accurate loan process is the new sheriff in town, the new normal.

RIBBIT, fintech providing instant bank behavior analytics, combined pioneering data science and artificial intelligence (AI) to dissect the current lending process which uncovers the glaring inaccuracies and disparities in the manner loan applicants are evaluated. RIBBIT’s team of interpretive data scientists have created the code extracting purposeful meaning from data rather than relying on biased algorithms, obsolete machine learning systems, misinformed bureaus and information reflective of historical bias. It’s a new day, time to unlock the doors to more authentic and successful loan and financial opportunities for consumers and lenders.

The FDIC reports historic highs of consumers with bank accounts. Delving into consumers’ transactional account activity uncovers unprecedented information, connections, relevancy, relationships and links about their financial wellness and affordability index. RIBBIT’s analysis of the complex web of data translates into deep insights and understanding unlike any product in today’s lending space.

  • For instance, RIBBIT’s insights reveal that 23% of consumers are using non-primary bank accounts in the approval process and are 3 times more likely to fall into the high-risk category. Another example: 14% of applicants are connected to 4 or more identities which is another high-risk red flag. These snippets of crucial knowledge support fraud management and profitable financial decisions.

The ongoing digital payment trend empowers RIBBIT’s data scientists to extract and interpret thousands of expenditure attributes from a single bank account. According to Richard Zaing’s February article, Consumer Banking: Statistics and Trends:  93% of Americans have bank accounts, 71% of bank customers regularly use online banking, 43% use mobile banking and debit cards use is 22.8 times a month. RIBBIT’s patent-pending code produces a smart, advanced and powerful lending tool for more accurate, inclusive, predictable and successful approvals.

RIBBIT’s data scientists have unleashed their futuristic lending code, a game-changer for the financial approval space!

Stay tuned . . .

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