A fast-growing small business lender was seeking ways to use alternative data to screen microbusinesses applying for a loan. The lender’s existing application process was focused on larger businesses, and was reliant on traditional data sources, such as bureau and company registry data, which were not available for microbusinesses.
DemystData worked with the lender to assess a range of alternative data sources and helped the lender increase their microbusiness acceptance rates by deploying an automatic screening process.
- The new process automatically screened 30% of applicants
- Automatic screening was accurate more than 90% of the time when compared with manual checks