Stratyfy Partners with Prism Data to Enhance Lender Decision-Making
Stratyfy Partners with Prism Data to Enhance Lenders’ Decision-Making with Cash Flow Data
In a move to revolutionize the lending industry, AI technology company Stratyfy has announced a strategic partnership with cash flow underwriting and data analytics platform Prism Data. This collaboration aims to provide lenders with a more comprehensive view of loan applicants by integrating Prism Data’s cash flow data and scoring into Stratyfy’s decision-making process.
Traditional credit data often falls short in providing a complete financial picture of loan applicants, leading to missed opportunities for lenders. By leveraging Prism Data’s CashScore solution, which analyzes a wide range of financial data points including income, assets, expenses, and repayment ability, lenders can make more accurate and inclusive credit decisions.
Laura Kornhauser, Co-Founder and CEO of Stratyfy, highlighted the importance of combining AI technology with cash flow data to identify credit-worthy customers who may have been overlooked. She emphasized that this partnership will enable lenders to say ‘yes’ to up to 30% more customers without taking on additional risk.
Prism Data’s CashScore solution simplifies complex cash flow underwriting into a three-digit score, providing lenders with a clear indicator of a customer’s creditworthiness. Additionally, Prism Data’s FirstDetect solution predicts the likelihood of loan default by analyzing spending, earning, and saving behavior, helping lenders combat first-party fraud.
Both Stratyfy and Prism Data are based in New York, with Stratyfy recently winning Best of Show at FinovateFall 2022 for its innovative Unbias solution. Unbias is designed to help financial institutions and fintechs uncover and eliminate bias in complex financial decision-making processes, ultimately promoting financial inclusion and enhancing risk-adjusted returns.
The partnership between Stratyfy and Prism Data represents a significant step towards transforming the lending industry by leveraging AI technology and cash flow data to make more informed and inclusive credit decisions. With the integration of Prism Data’s solutions, lenders can expect to see improved decision-making processes and increased profitability in the long run.
