Data intelligence firm Curinos rolled out a new small business lending platform on Wednesday (June 22), allowing direct access to various origination metrics.
The platform, called LendersBenchmark, will offer up-to-date weekly origination data and metrics, providing financial institutions with the performance data and market insights to manage small business loan portfolios.
This will allow banks to identify competitive positions and examine opportunities in their markets for things like reservations, pricing, cycle times and more, according to the statement. Additionally, the solution uses a “give to get” model, allowing participating lenders to access Curinos’ wallet origination and transaction data.
From there, the data will be anonymized and become available through pre-formatted reports and data visualization tools, allowing lenders to review their competitive position and review scorer opportunities.
“LendersBenchmark® for Small Business Loans presents limitless potential applications to financial institutions as they process their small business loan offerings, a critical business growth area for banks,” said Lindsay Burkhalter, Director of Lending consumers and small businesses at Curinos.
“After the pandemic, small business lending opportunities have increased, with double-digit demand for loan and line of credit products in 2022. As such, we have developed this consortium to determine how banks can identify opportunities to take their share of the demand. .”
Earlier this year, research from Curinos found that banks and FinTechs that redid their overdraft policies added more new customers, PYMNTS wrote.
See also: More banks are dropping lucrative overdraft fees
This came as more banks scrapped overdraft fees, which have been criticized as discriminatory to low-budget and underserved users.
This in turn is happening because there has been an increase in the number of FinTechs offering services at no cost, and politicians like Elizabeth Warren have called on banks to continue using this practice.
According to Brendan Coughlin, head of banking services at Citizens Financial, there has been a good economic compromise with a more “forgiving” fee structure.
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