Whitepaper explores how automation in gathering and standardizing financial data leads to greater insights, effective decision-making and long-term profitability.
AUSTIN, Oct. 8, 2018 – Validis, a pioneer of financial data sharing and standardization technology, published its latest whitepaper today, “The Data-Enabled Lender,” detailing how financial institutions can transform their SMB lending processes.
For decades, lenders have based small business lending decisions on outdated data points such as FICO scores or tax returns. Even worse, that data is skewed and often inconsistent with the health and viability of the business. This new whitepaper offers insights on how financial institutions can transform their SMB lending processes to drive efficiency, minimize risk and gain a comprehensive understanding of their SMB clients.
The whitepaper also discusses the potential threats and opportunities associated with the use of incomplete information, impacting operations, employees, customers, products and services – virtually every aspect of lending to small businesses. Additionally, Validis explores new ways to drive fast, financial transparency and become a valued services provider to borrowers. Finally, financial institutions will learn how to quickly access complete and high-quality borrower data while gaining a competitive advantage within the space.
“Small businesses are an important factor of the U.S. economy and a key focus for financial institutions. However, banks are losing small business deals to alternative lenders because they can fund deals faster,” said Joel Curry, CEO of Validis. “Many banks are using outdated SMB borrower data, which leads to inefficient processes and puts the lender at greater risk. In this whitepaper, we discuss how moving from inefficient processes using outdated data to efficient processes with accurate, complete, current data gives financial institutions a better understanding of their SMB clients. By harnessing the power of accounting data, banks ultimately gain a greater competitive edge that drives stronger growth and profitability.”
Download the whitepaper.