The Use Of Data Markets Takes The Guesswork Out Of Credit Decisions

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Fortunately, new digital technology and modern banking and finance solutions may help small companies close gaps and boost their operations.

But what impact do today’s new tools have, and what permits the underwriting of more critical loan solutions? Accessing and utilizing best-in-class data is becoming increasingly crucial.

“It’s not about having a better UX [user experience] or UI [user interface], those times are over,” Taktile co-founder and CEO Maik Taro Wehmeyer says of having a strong market hypothesis and introducing a financial product that works to activate that hypothesis in a manner that others can’t.

“The whole magic around winning as a FinTech at the moment is testing and experimenting on your go-to-market hypothesis with new data sources combined in a way that [competitors] aren’t able to do,” Wehmeyer explains. 

“We are only at the beginning of understanding what the vast majority of data sources can do for credit underwriting,” he says.

Financial services firms, including banks, insurance companies, FinTechs, and lenders, must incorporate automated decision engines that may assist generate profitable development, especially as the world becomes increasingly reliant on automated judgments.