Rapid Finance releases white paper: “Mitigating fraud in SMB Lending: A data-driven approach to KYC and KYB”
BETHESDA, MD (November 16, 2023) — I am happy to share the availability of Rapid Finance’s latest white paper, “What You Should Know About Preventing Fraud & Optimizing Lending in the Age of Fintech: Leveraging Data to Make Better Lending Decisions and Increase Opportunities for Small Business Borrowers,” which is available for free download here.
Small businesses are the backbone the U.S. economy and account for 43.5% of the GDP, yet less than half of these businesses’ credit needs are being met according to the Federal Reserve. For lenders and financial institutions, this presents an opportunity to both help small businesses within their local communities and grow themselves by serving this unmet audience.
The white paper underscores the importance of preventing fraud at the onset of the lending process using data-driven strategies that rely on clean, accurate, and verified data to streamline and improve the lending lifecycle for SMBs, and how modern lenders can achieve this by leveraging cloud-based services, data-enhancing APIs, and standardized schemas.
The white paper explores strategic steps that modern FIs are taking to realize successful small business lending programs in their communities, including:
- Preventing fraud at the front end by leveraging data that the FI already possesses;
- Ensuring that the data being used is clean data;
- Leveraging data analytics and automation to streamline origination and boost conversion rates;
- Prioritizing the FI’s most valuable members and marketing to them in a highly relevant way; and
- Maximizing portfolio returns over time through automated portfolio monitoring.
About Rapid Finance
Since 2005, Rapid Finance has been supporting the growth and success of small businesses across the U.S. Powered by a thoughtful combination of technology, speed and deep industry expertise, the Rapid Enterprise business line provides Lending-as-a-Service solutions to enterprise clients. With modular, flexible and scalable financial solutions, Rapid Enterprise solutions are customized to our enterprise partners’ needs. Learn more at https://enterprise.rapidfinance.com/.