Nova Credit and SoFi Expand Multi-Year Relationship with Cash Flow Underwriting Capabilities
Nova Credit, a credit infrastructure and analytics company, has expanded its multi-year partnership with SoFi, a digital financial services provider. The expansion allows SoFi to access consumer-permissioned bank data and cash flow analytics through Nova Credit's Cash Atlas™ solution. This will enable SoFi to enhance its loan underwriting process and better serve its members.
Cash flow data offers a more real-time and detailed view of a consumer's financial health compared to traditional credit reporting. SoFi plans to implement Cash Atlas™ in its loan underwriting to assess credit risk, improve credit eligibility, and enhance the member experience. The two companies have been working together since 2020, with a shared goal of providing greater financial opportunities to more people.
Nova Credit, una società di infrastruttura e analisi del credito, ha ampliato la sua partnership pluriennale con SoFi, un fornitore di servizi finanziari digitali. Questa espansione consente a SoFi di accedere ai dati bancari autorizzati dai consumatori e alle analisi del flusso di cassa tramite la soluzione Cash Atlas™ di Nova Credit. Ciò consentirà a SoFi di migliorare il suo processo di concessione di prestiti e servire meglio i suoi membri.
I dati sul flusso di cassa offrono una visione più dettagliata e in tempo reale della salute finanziaria di un consumatore rispetto ai report di credito tradizionali. SoFi prevede di implementare Cash Atlas™ nella sua concessione di prestiti per valutare il rischio di credito, migliorare l'idoneità creditizia e migliorare l'esperienza dei membri. Le due aziende collaborano dal 2020, con l'obiettivo condiviso di offrire maggiori opportunità finanziarie a un numero crescente di persone.
Nova Credit, una empresa de infraestructura de crédito y análisis, ha ampliado su asociación a largo plazo con SoFi, un proveedor de servicios financieros digitales. Esta expansión permite que SoFi acceda a datos bancarios autorizados por los consumidores y análisis del flujo de efectivo a través de la solución Cash Atlas™ de Nova Credit. Esto permitirá a SoFi mejorar su proceso de evaluación de préstamos y servir mejor a sus miembros.
Los datos de flujo de efectivo ofrecen una visión más detallada y en tiempo real de la salud financiera de un consumidor en comparación con los informes de crédito tradicionales. SoFi planea implementar Cash Atlas™ en su evaluación de préstamos para evaluar el riesgo crediticio, mejorar la elegibilidad crediticia y enriquecer la experiencia de los miembros. Las dos compañías han estado trabajando juntas desde 2020, con el objetivo compartido de proporcionar mayores oportunidades financieras a más personas.
Nova Credit는 신용 인프라 및 분석 회사로서 디지털 금융 서비스 제공업체 SoFi와의 다년간 파트너십을 확장했습니다. 이번 확장을 통해 SoFi는 Nova Credit의 Cash Atlas™ 솔루션을 통해 소비자 승인된 은행 데이터 및 현금 흐름 분석에 접근할 수 있습니다. 이를 통해 SoFi는 대출 심사 과정을 개선하고 회원들에게 더 나은 서비스를 제공할 수 있게 됩니다.
현금 흐름 데이터는 전통적인 신용 보고서에 비해 소비자의 금융 건강에 대한 보다 실시간적이고 자세한 정보를 제공합니다. SoFi는 Cash Atlas™를 대출 심사에 도입하여 신용 위험을 평가하고 신용 자격을 개선하며 회원 경험을 향상시킬 계획입니다. 두 회사는 2020년부터 협력해 왔으며, 더 많은 사람들에게 더 나은 금융 기회를 제공하는 것을 공동 목표로 하고 있습니다.
Nova Credit, une entreprise d'infrastructure et d'analytique de crédit, a étendu son partenariat pluriannuel avec SoFi, un fournisseur de services financiers numériques. Cette expansion permet à SoFi d'accéder aux données bancaires autorisées par les consommateurs et aux analyses de flux de trésorerie via la solution Cash Atlas™ de Nova Credit. Cela permettra à SoFi d'améliorer son processus de souscription de prêts et de mieux servir ses membres.
Les données sur le flux de trésorerie offrent une vue plus précise et en temps réel de la santé financière d'un consommateur par rapport aux rapports de crédit traditionnels. SoFi prévoit d'implémenter Cash Atlas™ dans sa souscription de prêts pour évaluer le risque de crédit, améliorer l'éligibilité crédit et optimiser l'expérience des membres. Les deux entreprises collaborent depuis 2020, avec l'objectif commun de fournir de meilleures opportunités financières à un plus grand nombre de personnes.
Nova Credit, ein Unternehmen für Kreditinfrastruktur und -analyse, hat seine langfristige Partnerschaft mit SoFi erweitert, einem Anbieter von digitalen Finanzdienstleistungen. Die Erweiterung ermöglicht es SoFi, auf verbraucherautorisierte Bankdaten und Cashflow-Analysen über die Cash Atlas™-Lösung von Nova Credit zuzugreifen. Dies wird SoFi helfen, den Kreditprüfungsprozess zu verbessern und seinen Mitgliedern besseren Service zu bieten.
Cashflow-Daten bieten im Vergleich zu traditionellen Kreditberichten eine detailliertere und zeitnähere Sicht auf die finanzielle Gesundheit eines Verbrauchers. SoFi plant, Cash Atlas™ in seine Kreditvergabe zu implementieren, um das Kreditrisiko zu bewerten, die Kreditwürdigkeit zu verbessern und das Mitgliedererlebnis zu verbessern. Die beiden Unternehmen arbeiten seit 2020 zusammen, mit dem gemeinsamen Ziel, mehr Menschen bessere finanzielle Chancen zu bieten.
- Expansion of multi-year partnership between Nova Credit and SoFi
- Implementation of Cash Atlas™ solution for enhanced loan underwriting
- Potential for improved credit risk assessment and eligibility for SoFi members
- Access to more granular and real-time financial data for SoFi
- None.
Insights
The expanded partnership between Nova Credit and SoFi represents a significant advancement in fintech lending practices. By incorporating Nova Credit's Cash Atlas™ solution, SoFi gains access to consumer-permissioned bank data and cash flow analytics, which can provide a more comprehensive and real-time view of a borrower's financial health.
This move is likely to enhance SoFi's underwriting capabilities, potentially leading to:
- Improved risk assessment accuracy
- Expanded credit access for consumers
- Enhanced customer experience through more tailored financial products
For investors, this partnership could translate to reduced credit risk in SoFi's loan portfolio and increased market share by serving a broader range of customers. However, the impact on SoFi's financials will depend on successful implementation and the actual performance of loans underwritten using this new data.
The expansion of SoFi's relationship with Nova Credit aligns with broader industry trends towards more inclusive and data-driven lending practices. This move could potentially give SoFi a competitive edge in the following ways:
- Differentiation in a crowded fintech market
- Ability to tap into underserved consumer segments
- Improved customer acquisition and retention
The use of cash flow data in underwriting is gaining traction, with regulators and financial institutions recognizing its potential to expand credit access. For SoFi, this could mean accelerated growth in its lending business and increased cross-selling opportunities across its suite of financial products. Investors should monitor key metrics like loan origination volume, credit performance and customer acquisition costs in upcoming quarters to gauge the impact of this enhanced underwriting capability.
Nova Credit’s consumer-permissioned data and analytics solution, Cash Atlas, will be leveraged by SoFi to bolster loan underwriting
While traditional credit reporting helps lenders assess an individual’s history of repayment, cash flow data provides a more real-time and granular view of a consumer’s financial health, allowing lenders to generate a more complete risk profile for consumers across the credit spectrum.
SoFi, which has used Nova Credit’s services since 2020, intends to implement Cash Atlas™ in its loan underwriting to assess credit risk, improve credit eligibility, and enhance its members’ experience.
“SoFi and Nova Credit have long shared the goal of providing greater financial opportunities to more people,” said Misha Esipov, Co-founder and CEO of Nova Credit. “Following 4 successful years working together, this expansion is a great example of our continual innovation and commitment to making that vision a reality. We couldn’t be more excited to continue working with SoFi to enable the power of cash flow analytics to help more people access the financial products they need to achieve their goals.”
About Nova Credit
Nova Credit is a credit infrastructure and analytics company that enables businesses to grow responsibly by harnessing alternative credit data. The company is a CRA that leverages its unique data infrastructure, compliance framework, and credit expertise to help lenders fill in the gaps that exist in traditional credit analytics. Nova Credit provides access to the fragmented universe of consumer financial data and transforms it into compliant, actionable risk analytics through a suite of solutions designed to increase conversion through expanded coverage, speed, and reliability. Leading organizations, such as American Express, Verizon, HSBC, RBC, SoFi, Scotiabank, Appfolio, and Yardi, work with Nova Credit to make smarter credit decisions through cash flow underwriting with Cash Atlas™, quickly and accurately verify income with Income Navigator, and reach new-to-country consumers with Credit Passport®. Learn more at https://www.novacredit.com or reach out to connect@novacredit.com.
About SoFi
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps more than 8.8 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.
SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241015074724/en/
Media
Sarah Levine
pro-novacredit@prosek.com
Source: Nova Credit
FAQ
What is the purpose of SoFi's expanded partnership with Nova Credit?
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