Infact

I don't usually post multiple times in a week, but when I do, its probably going to be about the future of credit risk decisioning! 💡 Alex Johnson and Francisco Javier Arceo have just delivered a fantastic piece that highlights how innovation in lending is still possible - and crucial - even within regulatory constraints. At Infact, we're living this reality every day. Key takeaways that resonate with our mission: 👑 Real-time data is king - Traditional monthly updates are no longer enough. 🚀 API-first architecture is the future - Legacy systems are holding lenders back. 🔄 Alternative data sources are game-changers - From cash flow to BNPL data. At Infact, we're not just talking about these concepts - we're building them. Our real-time credit bureau is designed to help lenders increase lending, reduce risk, and improve customer outcomes in ways traditional bureaus can't match in today's digital financial world. Interested in learning more about how we're revolutionizing credit information in the UK? Let's chat! Fintech Takes article here: https://lnkd.in/eRC_m82D #CreditRisk #Fintech #Innovation #MachineLearning #RealTimeData

A lack of innovation in affordability is hampering profitable lending and undermining responsible lending practices.  Affordability assessments based on ONS, CATO, Open Banking have their merits but also limitations. And incumbent data providers have little motivation to address these issues, leaving lenders with limited options.   However, by leveraging additional sources of affordability data, lenders can unlock new opportunities: 1. Expand to previously untapped customer segments 2. Accept customers who are currently declined due to lack of personalised affordability models 3. Avoid pre-approving customers who may fail affordability checks later, reducing manual underwriting and reputational damage 4. Offer more competitive rates and credit limits The result? Better overall performance and a competitive edge in the market. Learn more about how lenders can gain profitable customers by improving affordability with richer data in our latest article: https://lnkd.in/eJbeGY3B #AffordabilityAssessments #LendingInnovation #CreditData 

The credit industry has been stuck reporting consumer behaviour with legacy formats and approaches for too long. The data structures established by existing CRAs for credit information sharing haven’t really changed for 17 years, even though modern financial products and consumer behaviours have. They rely on brittle fixed-width, code-heavy reporting files and monthly batch processing methods. This leads to significant delays, lost detail, misrepresentations, inaccuracies, and unmatched records. Each of these aspects negatively impacts consumer outcomes. These approaches were designed for the mainframe era, but requirements, technology, and people change. They are ill-equipped to handle the fluid and multifaceted nature of contemporary financial products and consumer behaviours, so they provide lenders with an incomplete and outdated picture of a consumer's creditworthiness. A major reason that we are building a new CRA is to improve financial inclusion. Traditional credit reporting methods often exclude large segments of the population whose data may not fit neatly into conventional data models. This is why we at Infact Systems are transforming the credit industry by moving to a person-centric and dynamic approach that allows for the fair and detailed representation of modern financial products. This includes additional and contextual data points and data sources, such as modern identity details, rental payments, utility bills, and other non-traditional credit indicators. We can move past the reporting practices that belie their mainframe legacy. With our modern API and modern batch where required, we are creating a more accurate, inclusive, and efficient credit reporting system. Seamless, real-time data exchange between credit providers and financial institutions: - Enables lenders to achieve accurate and timely reporting, in fair detail - Accelerates a fair decision-making process with reduced likelihood of errors, discrepancies, and gaps - Enables consumers to better understand and improve their credit profile - Improves lenders’ adaptability to take advantage of future innovations and opportunities What would you stand to gain from real-time credit information? If you have any questions about our plans at Infact Systems, let me know in the comments.

Financial services providers make significant consumer decisions using out of date information. 😖 - They use credit bureau data and because of the way financial services has developed it is often stale, skewed, and exclusionary. 👾 - This penalises consumers but also leaves lenders making sub-optimal decisions. - 🎯 At Infact Systems we believe in the power of real-time data to revolutionise the credit industry. This is why real-time data matters:  1. It ensures that lenders have the most current view of a consumer’s financial behavior, enabling more accurate risk assessments and better decision-making. This immediacy helps lenders identify changes in a consumer’s credit profile as they happen, rather than months later. 2. Lenders can make more informed decisions, whether it's approving a loan, adjusting credit limits, or identifying potential fraud. The latest information allows for more precise and confident actions.  3. Outdated information can reflect a high credit amount that has already been paid down. Real-time data provides a more accurate snapshot, helping consumers avoid inaccurate decisions.  4. In a competitive market, lenders who adopt real-time data can respond more swiftly to market changes, offer better terms to low-risk customers, and mitigate risks more effectively. This agility not only improves their bottom line but also enhances customer satisfaction and loyalty. 5. It reduces the chances of errors and discrepancies, building a more trustworthy and reliable credit system. Consumers are more likely to engage with lenders who provide accurate and up-to-date information, knowing that their financial behaviour is being fairly represented. We are leading this transformation by leveraging real-time data to create a more dynamic, accurate, and fair credit reporting system. 🔥 🌱 Follow us to learn more about our journey to build the first FCA authorised real-time CRA.

It's time to put consumers first in credit reporting.  Existing CRAs have not innovated the core bureau offer in 15 years, and borrowers are paying the price with higher interest rates. Traditional methods cannot reflect credit information accurately because: 1️⃣ It’s already out of date when shared.  2️⃣ It’s in a flat structure that loses the richness of the products that lenders and their consumers recognise. By providing up-to-date and accurate credit information, lenders can improve outcomes for consumers. This is our mission at Infact Systems – to make credit reporting more transparent and fair. 🎯 Affordability built for a seamless checkout or credit application.   🎯 Credit Risk insights that offer a real-time view of a consumer’s credit balance and usage. No more 30–90-day delays in reporting.  🎯 Modern technical capabilities such as person-centric matching and API-based reporting, with a collaborative approach to retrospective data analysis. Interested in learning more about us? We’ve put down the reasons Infact Systems exists here - https://lnkd.in/erEpckJe 

Looking forward to the ClearScore summer event! Visit the Infact stand to learn how lenders can help increase lending through ClearScore with more competitive, responsive pricing with our innovative Affordability Engine. Come say hello to James Bryce-Lind and Andy Milligan on the day.

We are pleased to announce we are now part of the Provenir Marketplace. We look forward to partnering with innovative lenders using Provenir in a bid to improve the quality and speed of credit information in the UK.

The future of credit reporting is evolving with BNPL. Explore the challenges and Infact Systems's approach to providing a solution in my new article and see how a modern credit bureau and BNPL data are essential for better consumer outcomes.   #BNPL #innovation #creditbureau #realtime #consumerduty

Modern financial products have evolved to offer flexibility and personalisation to consumers, so why haven’t affordability assessments evolved with them? Here's how Affordability Engine is different to the other affordability assessments currently in the market. #Consumercredit #ConsumerDuty #Affordability

The new Infact Affordability Engine is live. Here's why we built it. #Consumercredit #Affordability #ConsumerDuty