Good Decisions Require Great Data
Leading lenders have become very sophisticated in their lending decisions, in part by including increasing amounts of data. With continued write-offs and focus on credit risk, having a way to aggregate data on a prospective customer and look at it in new ways is important in order to make a profitable lending decision. Institutions that are doing this have a better understanding of consumers’ financial behaviors, which leads to a competitive edge.
However, for many financial institutions (FIs) the lack of flexibility and the difficulty of integration provide significant challenges in implementing new data and service vendors. In addition, maintaining individual vendor connections is usually time consuming and expensive. Zoot overcomes these limitations and makes it possible for FIs to decrease total data costs, increase access to alternative data providers, and eliminate barriers to compatibility.
A Single Connection to Dozens of Data and Service Vendors
Zoot offers our clients an independent portal to a network of integration-ready data and service vendors for quick and secure incorporation into lending processes such as credit decisioning, loan origination, credit risk management, and fraud prevention.
Because Zoot is data-provider independent, you have the freedom to obtain the data you need to facilitate the best decisioning and optimize your lending process. Among the dozens of data and service providers in Zoot’s established marketplace are credit bureaus, fraud databases, alternative data, appraisal services, loan aggregators, telemarketing, document generation, and letter fulfillment.
Industry Brief, “An Integrated Approach to Account Origination”