To evaluate risk and make sound credit decisions, financial service providers like lenders, banks, and insurance companies rely heavily on consumer data. They’re assessing indicators of an individual’s ability to pay, looking at financial indicators such as income, work history, credit score, etc. Today’s financial organizations have access to more of this data than ever before. And while more data is generally better than less, many of the traditional sources for this kind of personal information are missing key pieces of the puzzle.
In order to accurately assess credit risk and unwrite a borrower, lenders and other financial institutions need a complete picture of a person’s financial history and current standing. A single indicator like a credit score is a lagging, incomplete indicator of that risk, due to blind spots and outdated information. Alone, a credit score can be a poor indicator of ability to pay. Additionally, legacy measures of assessing an individual’s earnings, such as paystub upload or The Work Number, provide an outdated one-time snapshot of an individual’s income and, for many institutions, no longer cut it and restrict them from providing credit to traditionally underserved and untapped demographics. With major shifts towards more multi-employer and independent styles of work, more and more workers now have multiple sources of income. Often, these situations are not reflected in traditional assessments of credit worthiness or lending risk.
As a result, banks, insurers, mortgage lenders, etc. are losing out on potentially valuable market segments. Let’s go in eyes wide open, with a holistic view of income and employment.
The Argyle Solution (in case you already didn’t know)
Argyle is the trusted platform for employment data. Our solution lets you build a more comprehensive, accurate, and real-time understanding of someone’s earnings, work history, and income sources. With Argyle Link, companies can integrate the power of Argyle directly into their credit application or send it via SMS or in an email, creating a seamless experience. In just a few clicks, your borrowers can grant your organization continuous access to their employment and earnings data -- no paystub upload or manual follow up required.
This information is continuously updated for as long as the borrower grants consent. If need be, the borrower can connect more than one income source, providing your organization with a more robust understanding of their complete financial situation. Argyle lets you digitize and automate the VoIE process with user-permissioned, accurate, and fully up-to-date employment data, increasing operational efficiencies and delivering services to borrowers who may otherwise have been inaccurately evaluated or turned away.
The Power of Argyle + Provenir
Provenir, a leader in risk decisioning and data analytics software, helps fintechs, financial institutions, and payment providers make smarter decisions faster by simplifying the risk decisioning process. It's no-code, cloud-native SaaS products make it easy to rapidly create sophisticated decisioning workflows.
Provenir has added Argyle to their Data Marketplace, a one-stop data hub that offers easy access to traditional fraud, credit, identity, verification, open banking, KYC and alternative data, bringing offerings from global data providers together in an easy-to-use cloud solution.
With fully maintained API connections, you can access and use a huge selection of data in minutes — without the worry of ongoing maintenance. With multiple data sources, you reduce your risk by eliminating reliance on single measures of credit worthiness such as credit scores.
This exciting partnership means that Provenir customers can incorporate Argyle’s real-time, user-permissioned employment and income data into their decision-making processes and risk assessment models. It also allows you to aggregate inputs from multiple sources to build a comprehensive ecosystem of user information.
Lenders, banks, insurance companies, and fintech institutions are saving time and money by automating VoE/VoI all within their own application. Also, they’re improving user experience by moving away from clunky paystub uploads to a seamless API link.
Learn more about Argyle and Provenir on the Provenir Marketplace.
Argyle and Provenir Named Finalists in the 2021 SaaS Awards
Argyle and Provenir have been named finalists for the Best SaaS Product for Financial Services Award. Check out all software awards lists here.