Banks and credit unions who have taken the step to become certified Community Development Financial Institutions (CDFIs) are leading the charge for responsible, impactful, expansion of credit access in the U.S. The challenge they face is in how to meet that mission in a cost effective, risk responsible way.
Increasingly, FIs are leveraging new alternative data sets like utility payments, rent rolls, bank statements and/or mobile phone payments to gain a more informed view into a consumer’s true ability to pay. Those institutions that pair these data insights with modern cloud-based lending technology are realizing significant operational savings while providing a pathway to financial inclusion for those within their communities.
Lokyata’s own Steve Bireley was recently featured in a Bank Business article, where he provides detailed insights on the steps that CDFIs can take to better ensure the success of their lending programs.
Through a combination of data analytics and our flexible, scalable, intelligent BankAnalyze platform, Lokyata is well positioned to help financial institutions and non-bank lenders implement a loan automation workflow that supports their business objectives. To learn more about how Lokyata is helping our customers grow their loan portfolios without growing their risk, check out www.lokyata.com or email J.D. Crouch, jd@lokyata.com
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