Filene Research Institute is partnering with Conductiv to use
their permissioned data platform to drive credit union growth.
NEW
YORK, July 8, 2024 /PRNewswire-PRWeb/
-- Conductiv, Inc., joins Filene Research Institute to improve
loan approval rates and deposit open rates for credit unions via
the use of permissioned data through a Custom Incubator
project.
"We are on a mission to help credit unions
win back lost loans and deposits by gathering income, cash flow,
and other data digitally."
Filene is partnering with Conductiv, Inc. on this project to
drive credit union growth by partnering leading credit unions with
Conductiv and implementing Conductiv's permissioned data
platform.
Credit unions are driven by both mission and margin, and
manually decision a high percentage of applications. Credit Bureau
data is good, but inherently imperfect making it difficult to
determine credit worthiness of an applicant - particularly for
low-FICO and no-FICO applicants. This is because bureaus don't have
transactional and account-level information stored in
permissioned-protected data sources. The only way to obtain this
information is for members to give credit unions permission to
access fresh, accurate, income, tax return, cash flow, and other
data on their behalf. Credit unions can fill this data gap with
permissioned data to gain a clearer view of the member, recover
lost loans and deposits, and lend better, faster, and more
fairly.
The Custom Incubator aims to take a unique approach to
addressing this lending data challenge by inviting 3 credit unions
and Conductiv to collaborate. As a cohort, they will help create a
framework for incorporating permissioned data into lending and
deposit opening and will develop a heat map that illustrates the
data that credit unions are using to increase approval rates by up
to 47%.
"Filene believes that for the credit union industry to keep pace
with competition and fulfill its mission to lend across all FICO
bands, we must develop the capability to leverage all appropriate
data, machine learning, and data science, and incorporate these
components into lending operations and practices in a way that is
FCRA compliant and fair to the member" says Megan Freshour, Incubation Director. "This
Incubator is building a path forward to the future of data and
lending."
"We are on a mission to help credit unions win back lost loans
and deposits by gathering income, cash flow, and other data
digitally. Conductiv helps credit unions do less work while making
more loans and helps them lend better, faster, and more fairly,"
said Gopal Swamy, CEO of Conductiv.
"We are excited to work with Filene and the incubator participants
on this important initiative that will create a real game plan for
credit unions to understand and use permissioned data to support
both mission and margin."
The Incubator started in June of 2023, and continued through
June of 2024. The framework for permissioned data and a
corresponding heat map will be developed and released in Q4 2024
for consumption by the credit union community.
About Conductiv
Conductiv digitizes the manual processes in lending operations,
decreasing abandoned loan applications and increasing loan approval
rates. The platform connects lenders to thousands of cash flow,
income, identity, and other permissioned data points via a single,
future-proof API. This makes it easy for lenders to digest and use
this data, resulting in operational efficiencies, greater
protection against fraud, and a modern,
consumer-friendly experience. Less work. More loans. Happier
customers.
About Filene
Filene Research Institute strengthens organizations through
innovative research and incubation to improve consumer financial
well-being. As an independent cooperative finance think tank,
Filene's membership network connects a community of leaders and
bright minds to change lives through innovation, truth and
cooperation. In addition to delivering cutting-edge, actionable
academic research, Filene also provides incubators to test and
scale solutions, events to spark organizations into action and
advisory services to help accelerate and implement innovation. For
more information, visit filene.org and @fileneresearch.
CONTACT:
Conductiv
Jill Baker
Jill.baker@conductiv.co
201-340-1744
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SOURCE Conductiv