For consumer lenders today there is a wealth or riches when it comes to new credit infrastructure tools. Leading the movement for these new tools is Nova Credit.
Our next guest on the Fintech One-on-One podcast is Steve Smith, the CEO, and co-founder of Finicity. Finicity has been a real pioneer in the open banking space, or as Steve likes to call it an open financial data network, which is probably more accurate.
The big three credit bureaus, whether in the UK or the US, have excellent coverage on the majority of consumers. But for those people who have never applied for credit, they tend to have very little information. Now, many people have a bank account who have no credit file or a thin file and the data from their bank account, if analyzed well, can prove to be an excellent predictor of creditworthiness.