Introducing our new product: Advisory

Introducing Advisory: Real-time revenue-checking solution for better credit decisions.

Today, Powens is launching Advisory, a new Open Finance product designed to enhance and streamline how banks and credit institutions go about making credit decisions with live categorized transactional data.

 

AI-powered transactional data categorization drives actionable revenue metrics.

Advisory uses advanced artificial intelligence (AI) to analyze banking transactional data—accessed via the Powens platform—to build more accurate financial profiles that enhance credit decisions.

Powens’ proprietary AI-powered engine categorizes a borrower’s last three months of transactional data in granular detail to paint a clearer picture around salary, expenses (including rent), loan repayments, and disposable income. Simply put, it automates the often tedious task of cleaning and categorizing financial data to accelerate credit decision-making.

As a result, Advisory is able to provide the following key benefits:

• Improve credit scoring: Doing the heavy-lifting of data categorization not only provides better data for making better credit decisions, but it also frees up internal resources to stay focused on growing your core business.
• Reduce risk and fraud: Gaining access to high-quality, up-to-date, and accurate transactional data both improves credit scoring models while allowing you to assess risk and minimize the potential for fraud better than ever before.
• Generate more revenue: Having a more comprehensive and detailed view of a borrower’s financial situation makes it possible to increase credit approval rates—which immediately translates into revenue growth.
• Enhance the borrower experience: Allowing borrowers to quickly prove their credit-worthiness reduces application processing time and accelerates “time to yes.”

As an added perk, Advisory can be integrated in less than a day, so you can go-live with these new data categorization capabilities instantly.

 

Open Banking is the key to unlocking financial innovation.

Banks and credit institutions are constantly seeking faster, better, and more accurate ways to make decisions related to credit, financing, and payment processing. The Open Banking revolution has made this possible through continued disruption and innovation.

Long gone are the days when banks and credit institutions would need to manually retrieve data from checking account statements and bank receipts. Powens’ Bank product already makes it possible for key players within the financial services industry to access a borrower’s last three months of transaction data with full PSD2 compliance. This allows these institutions to offer both consumers and businesses alike a better overall user experience while also empowering them to make credit decisions with confidence—and in real-time.

 

Advisory takes this one step further to make lending more profitable than ever.

Ready to take credit decision-making to the next level? Get in touch with our experts to learn more about Advisory and how you can implement it into your workflows today.

 

Contact us!