As many in-person events remain on hold due to COVID-19, industry experts, Mondato have joined forces with the MEF to host a webinar series tackling the discussion of ‘the new normal’ across the payments industry.
LenddoEFL was invited to join a webinar to discuss innovative approaches to commercializing digital payments. The panel also included thought leaders from Mondato and Standard Chartered Bank.
LenddoEFL VP Corporate Development, Camille O’Sullivan joined the panel to discuss how LenddoEFL uses alternative data to link lenders to good borrowers.
As discussed, there are different ways that alternative credit scores can be used. As highlighted by Judah Levine from Mondato, alternative credit scores can even be complementary to traditional scores and there’s a feeling that using alternative data is becoming more and more mainstream.
At LenddoEFL, we work with customers that use alternative credit scores in different ways depending on the market and business case. Alternative Credit Scores can be used either as a proxy in place of a traditional credit score, or in conjunction with traditional methods. Some financial institutions are using alternative data to reassess thin file customers that have been soft rejected using traditional credit scores.
While for lenders that are already using traditional bureau scores, alternative credit scores can be used to lift the predictive power of a traditional credit score. One of the reasons that alternative data can be valuable in conjunction with a traditional bureau score is because of its low correlation.
Watch the full webinar at the link below:
https://www.mondatosummit.com/mondato-webinar
