Rable brings innovative thought leadership to AI-powered bank behavior data company
OXFORD, Ohio, April 12, 2022 /PRNewswire/ — Today, RIBBIT Inc. announced the appointment of Greg Rable to the RIBBIT Board of Directors. As the former Founder/CEO of FactorTrust, since acquired by TransUnion in 2017, Greg brings over 25 years of management and strategy experience, combined with a history of building successful fintech and alternative data businesses for the consumer finance space. In his role, Mr. Rable is helping guide the RIBBIT leadership team and promote the growth of bank behavior data as a powerful and necessary predictive data solution.
“The pandemic exposed a need for smarter, more comprehensive insights into the financial health of a consumer,” said Rable. “As a result, lenders, banks, and financial service providers are looking for alternative data sources to better assess their digital applicants in real-time. I joined RIBBIT because I view bank behavior data as the next generation of financial decisioning and a win-win for both the lender and the applicant.”
Evaluating a consumer’s bank behavior data has been found to be very predictive of how the consumer will perform in a financial relationship. For example, RIBBIT’s bank behavior insights reveal that 47% of consumer finance applicants have unstable income, spending, and identity associations. Reports of fraudulent savings and checking accounts have also increased by 64% since 2020. RIBBIT’s AI-network is tracking 500K bank accounts that are actively transacting with 2.5M stolen identities across various financial service providers. These behaviors are used by lenders and fintechs to better evaluate their customers.
