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There’s no doubt that traditional lenders have struggled with how and what to market their products. So customized offerings based on data have emerged in the lender-borrower transaction process. The challenge has been that these techniques have been evasive in small business lending and so when lenders want to reach out to depositors, they don’t quite know what to say or how to say it, and instead offer the same advice to the borrower that they want to give away. In any case, that’s where data science comes in.

Using data science to predict borrowers’ patterns can help create more clarity in the digital customer experience and for lenders to loan. So, rather than looking at a borrower’s credit scores, businesses can look at their recent bank transaction history and identify whether or not they are a risky borrower to lend to.

In this occasion, Philip Taliaferro, Senior VP of Saas at Lendio, and Abby Sleigh, Data Scientist at Lendio, spoke with Arnaud Lasson, Sales Representative specializing in the Finance Industry at Advancio, about how data science can benefit both lenders and borrowers. In the Advancio Talk, Philip shared his perspective on how behavior patterns can help lenders make better decisions and offer more targeted offerings for borrowers. Additionally, Abby talked about the challenges that small businesses have ahead in this industry and explained how automated classification can help them address these demands.

Watch our Advancio Talk: How Digital Experience & Data Science Drive Growth in SBM Lending to benefit from data science!

Topics We Covered in This Talk about Data Science

  • 0: Introduction
  • 0:46 How Lendio has evolved?
  • 2:44 How your lenders are using data analytics to support loan decisions?
  • 5:50 What specific data points are being analyzed to assess the credit worthiness of small business borrowers? How accurate are these assessments?
  • 6:56 How lenders are using offerings to help more effectively target the borrowers?
  • 10:30 How is Lendio actually addressing the unique needs of small business borrowers in terms of loan customization and flexibility?
  • 11:58 What impacts are a digital lending platform having on traditional lending institution? How are they adapting to remain competitive?
  • 15:52 Are there any potential risks associated with the increased use of automation and machine learning in the lending process?
  • 17:41 Final Words
  • 18:47 Outro

If you want to deeply understand how this software integrations can benefit your business, reach out to Arnaud!

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