Elevate are industry leaders when it comes to the use of data to create advanced risk decisioning solutions. In fact, their innovative and sophisticated risk processes have helped them originate over $5.9billion in loans to non-prime consumers across the US and UK. Elevate’s Chief Credit Officer, Brian Biglin, shared Elevate’s story with the American Banker, with the fascinating article providing great insights into how Elevate are using data to manage risk and expand their market. Here’s a short extract:
Technology helps balance risk and opportunity
Non-prime lenders must balance their desire to maximize revenue, lend responsibly, and manage risk. To do this, they must use non-traditional data to find and underwrite customers who others cannot, with speed and efficiency. It’s a tall order for some: non-prime lending is a category mired in paper-based processing of leads and applications in a market where speed of approval is everything to an anxious applicant.