August 17, 2021
Be curious always! For knowledge will not acquire you; you must acquire it ~ anonymous
Come on, don’t judge me based on a few of my personal traits, it’s just not fair. Rather, look at the whole me, then decide if I am worthy.
And if you are evaluating my credit worthiness, impacting the rest of my life, the analysis better be meticulous, expansive, insightful, and timely. Thankfully, the lending industry is listening — credit scores are only part of a consumer’s financial footprint; alternative financial data has arrived empowering deeper insights and more equitable decisioning.
RIBBIT.ai combines 23 years of payment history with the complex field of data science analytics powering data initiatives into the lending space. Instead of relying on a restrictive credit score, RIBBIT.ai’s technology reviews a consumer’s recent transactional bank data.
The insightful process can generate thousands of measurable attributes from a bank account reflecting a consumer’s ability to purchase and pay for products/services. RIBBIT.ai’s non-traditional credit scoring harnesses the predictive power of open banking and payment data delivering smarter and more equitable lending decisions.
RIBBIT.ai’s Chief Data Scientist, Steven Thompson, has more than 15 years of analytics experience in financial, retail, energy, and transportation industries and has effectively led data initiatives at multiple companies. Thompson’s expertise in machine learning, data engineering/enhancement, product development, and sales analytics consulting supports RIBBIT’s data-driven products. Thompson reports, “The speed at which RIBBIT is revolutionizing the marketplace is impressive and invigorating and I am thrilled to be leading their data-driven/AI platform.”
Shawn Princell, CEO of RIBBIT.ai, comments, “Our decisioning products powered by data and supported with innovative AI are changing the dormant, lending landscape. Starting now, consumers and lenders are the recipients of an equitable, all-inclusive risk-decisioning process that covers an unprecedented 99% of bank accounts instantly. This represents a 45% lift over traditional credit and underwriting scores.
RIBBIT.ai’s bank analytics process identifies fraud and payment affordability risk based on an applicant’s bank account history. At the conclusion of the analysis, it yields 5 codes that recommend a course of action to minimize repayment risk. The trended attributes that are measured provide a comprehensive, holistic view of a consumer’s financial wellness rather than a static picture. Definitely, a game changer for lenders and consumers!
Stay tuned . . .
The word remote is such a lonely word, bringing up images of an isolated cabin in the woods, hungry wolves prowling about, and potentially a shortage of food and supplies. Today’s remote office/branch office (ROBO) is often the polar opposite of the Hansel and Gretel version. ROBO is usually set up in the employee’s house often located in a separate town, state, or country from the company’s main office.
Never be afraid to fail. Failure is only a stepping stone to improvement ~ Tony Jaa
I remember my young daughter’s disheartening basketball coach yelling at the team “don’t shoot the ball unless you are going to make it.” Naturally, the team was afraid to shoot the ball so they never scored enough points to win. An enlightened coach would have said “shoot the ball until you make it.” Giving the girls permission to miss the basket without fear of blame would have released their potential. This same philosophy in the workplace is liberating: push yourself, learn from mistakes, and use your knowledge to improve. Slam dunk!
It’s great to be great, but it’s greater to be human ~ Will Rogers
One of my father and husband’s favorite TV characters was Andy Rooney, who appeared at the end of every 60 Minutes episode with a short critique on the condition of the world. Andy was the dessert at the end of the informative and serious news program, culminating with a rise of his bushy eyebrows, a twinkle in his eyes, and his witty, often acerbic insights about the way things were. And was often said, he could say so much with just a few words.