SAN DIEGO--(BUSINESS WIRE)--DecisionLogic, a FinTech leader in bank verification, has announced that it has surpassed the 10 million consumer mark. DecisionLogic’s customers include merchant lenders, mortgage brokers, real estate agents, payday and cash installment lenders, retailers, consumer finance companies and financial institutions in Australia, Canada, United Kingdom, United States and New Zealand.
DecisionLogic is an advanced bank verification Software-as-a-Service (SaaS) platform enabling lenders to instantly verify a potential borrower’s banking information online and in real-time. Previous methods for performing this process created many problems for both the lender and borrower, including inconvenience, delay, inaccuracy and fraud. DecisionLogic originated this technology with a mission to improve asset verification for both the consumer and financial service provider, improving the financial industry as a whole and creating opportunities for a large portion of the population to access financial assets which can be so critically important to their well-being.
“DecisionLogic’s fresh, real time transactional data leads the way as the financial industry learns to move beyond the traditional ‘dinosaur’ FICO credit score,” said David Evans, president of DecisionLogic. “We give consumers a better way to retake ownership of their financial ‘report card’. Consumers and lenders appreciate that we can provide insight into a borrower’s financial profile that reports recent real time banking history, employment and spending. FinTech should democratize the consumer’s role in the financial industry. Rather than relying on a credit report that might penalize a borrower for a late credit card payment from 5 years ago, lenders want to take into account the borrower’s up-to-the-minute financial situation – whether the borrower is an individual or small business.”
“As consumers worldwide move online more and more each year, electronic banking is now a convenient, normal part of their lives, likewise online asset verification has become mainstream — it’s not just early adopters using us today. As a result, once DecisionLogic’s clients experience the advantages of real time financial reporting they refuse to return to outdated methods,” said Carl Fredericks, DecisionLogic CEO.
Evans and Fredericks pointed to other successful aspects of DecisionLogic’s business model that have led to surpassing the 10 million consumer milestone:
• Consumer engagement is critical and very high with most of DecisionLogic’s lenders.
• DecisionLogic increases lead-to-loan ratios by as much as 500 percent as the technology allows anyone with online access including a smartphone to verify their income fast — from anywhere, and for anything.
• DecisionLogic is embedded in lender web sites allowing seamless integration with applicant workflow online and through mobile devices.
• In a scientific A/B test of 30,000 loans, DecisionLogic technology reduced first-time default rates by 40 percent compared to subprime credit bureaus.
• DecisionLogic has been profitable for nearly five years and is entirely self-funded. The DecisionLogic mission is to build a truly customer-friendly business that genuinely solves problems and delivers a service that companies grow to depend upon.
Bart Miller, one of the country’s leading authorities on sub-prime lending and CEO of Centrinex, states, “We’ve been using DecisionLogic across a number of portfolios for several years - DecisionLogic is the industry standard for electronic bank verification.”
About DecisionLogic
Founded in 2011, San Diego-based DecisionLogic's innovative Instant Account Verification (IAV) service helps lenders make critical loan decisions quickly and accurately. This service provides lenders the ability to verify a borrower’s identity, account number and balance in real-time. It also provides access from 90 to 365 days of data of the borrower's account transaction history. This automated real-time process removes many of the problems encountered with traditional methods of loan decision-making. IAV empowers lenders to make fast and accurate decisions critical to the success of their business. For more information, visit www.decisionlogic.com.