DataView360 is a data-neutral and platform-independent data aggregation, scoring and decisioning solution that is easily customized to support a lender’s processes for mitigating potential fraud, assessing an applicant’s ability to pay and determining the size and terms of the loan they can manage with the ability to optimize this based on the lender’s constraints. The modular design of DataView360 saves the client from overhauling their existing infrastructure and enables them to analyze the loan applications and disburse the loan. Through its Data Engine, Decision Engine, and CASECenter modules, lenders can make data-driven lending decisions and execute the end-to-end lending process - from originations to collections.
Harnessing the Power of Data
As data plays a crucial role in building a profile of loan applicants, GDS Link has built Data Engine, a module of DataView360 that plays a pivotal role in transforming the conventional lending process into a data-driven activity.
The module enables the lenders to gain clear information about loan applicant by connecting them to application front-ends, marketing websites, loan management platforms, internal customer databases and third-party data bureaus. It harnesses consumer, commercial, checking/debt, alternative, ID verification/fraud mitigation, assets and financial data from 50 plus credit bureaus and sources in the U.S, the U.K., and Canada. By utilizing information from Experian PLC Consumer, Equifax Inc. Consumer, Dun & Bradstreet, NADA, Trans Union of Canada, Inc., LendProtect UK Ltd., and numerous others, clients can easily build the profile of loan applicant.
Through our platform, marketplace lenders can reduce time-to-market, harness machine learning capability, and apply sophisticated credit models before lending
Lenders can mitigate frauds, verify identities and incomes; and perform credit data analysis. Their decision-making process is underpinned by the graphical user interface (GUI) that simplifies information analysis as it presents logic of the calculation and insights in an intelligible format. Based on the pre-defined characteristics, borrowers can be categorized and analyzed for the underlying credit risks. Furthermore, lenders can implement instructions in logical sequences and flows that are backed by analysis.
Enriched with data, lenders can improve the decision-making process with DataView360’s Decision Engine. Using its adaptive control, lenders’ business units can manage the credit policy from start to finish. With complete control over defining credit policy, the online lenders can refine their offering. For instance, if a person applies for $10,000 loan, but qualifies for $15,000, the lender can perform upselling. Also, if the borrower applies for higher loan amount but fails to qualify then the lender can change the offer. The credit policy can include traditional credit models like linear regression and sophisticated models like machine learning gradient boost. By importing readily available CECL-compliant probability of default (PD), Loss Given Default (LGD), and Exposure at Default (EAD) models, the lending and banking organizations can accelerate the lending process. Lenders can also manage and optimize pricing, loan amount and the policy rules. For instance, if a lender wants to create a new credit card offering with different pricing mechanism they can create by defining and managing the policy rules.
Through DataView360’s CASECenter, lenders can process loan applications and streamline their work queues. A flag can be raised if an application fails on predetermined parameters, and if it is assigned ‘pending’ status, then it will be queued for re-processing. The underwriter can investigate the reasons for application rejection and resolve the issues. The module can underpin POS, web processing, call and message centers besides customizable and templated application processing solutions. Lenders can avail the solution either as an on-demand web-based system incorporating Software-as-a- Service (SaaS) best practices or as a license.
Redefining the Lending Process
As GDS Link’s solution offers analytical insights into applicant’s income, their repayment history, and delivers the critical information to financial institutions, they have turned the corners for numerous clients. For instance, an online lender, which was a startup company, sought a solution to inject efficiency into their existing lending process. With a spate of enhancement in the client’s system, GDS Link enabled the client to reduce the cost of loan application processing and prune expenditure at various touch points. GDS Link’s platform not only made lending practices effectual but also empowered the client to improve the bottom line, increase the market share, and break into one of the top five lenders in the U.S.
In its endeavor to empower clients in making sound credit decisions, reducing debt and losses, GDS Link offers credit risk analytics and consulting. The company harnesses 20 years of experience and helps clients to prevent fraud or defaults at any stage of lending.
GDS Link has also been enabling its client to transform their existing process and preparing them to comply with the new regulations. For instance, Open Banking regulations are being introduced in Europe in 2018 and the company’s solutions have already been empowering the clients to generate reports that meet the regulatory requirements. The company has started collaborating with banks in Europe and been helping them to implement CECL, IRFS 9 regulations using the decision engine component. With GDS Link’s comprehensive platform, clients can mitigate the compliance risks like raised by Basel-III norms that mandate lenders to understand what the expected credit losses when originating the new loan.
“We continue to see the expansion of use in machine learning module. As more lenders are acquiring machine learning capabilities, GDS Link perceives this as a growth opportunity,” says Greenwood. With existing and new lenders getting acquainted with the power of credit models with machine learning in detection, ID verification, and credit decisioning, GDS Link will continue to build new machine learning models that can be applied to the vast financial services arena.