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 . . .
Former FactorTrust Founder/CEO, Greg Rable, Joins RIBBIT Board of Directors
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.
Getting Real with Financial Inclusion
Financial inclusion matters not only because it promotes growth, but because it helps ensure prosperity ~ Sri Mulyani Indrawati
How arbitrary are the words ‘financial inclusion’; who’s in, who’s out and why is it so unfair? If a consumer is ‘in,’ there are financial opportunities for building a better life. If a person is ‘out,’ good luck with climbing out of a deep money pit. Today’s financial institutions think they are building a more inclusive process. However, many are still using information reflective of historical bias so if it didn’t work then, it ‘ain’t gonna work now’.
Why Interpretation of Data Matters
When a man gives you a rose, what you see may not be what he intends~ Patrick Rothfuss
Assessing information is the foundation of most of life’s important decisions. Mistakes are made when the data is unavailable, unclear, inaccurate, insufficient, immaterial, or unjust. How many people have suffered throughout history by poor decision-making? Like it or not, today’s world is data driven, hopefully an information mecca for making insightful, educated, proven and unbiased decisions. However, data is just that, information on a page, it becomes meaningful only when it is wisely analyzed and interpreted.