#innovative data solution

Using historical and present data, today lenders forecast the future financial health of borrowers.

FinTechs, with the help of AI, ML, advanced analytics, and predictive modeling, provides lenders the most robust, accurate, and real-time financial data. Lenders can access this data through APIs to determine creditworthiness and make informed lending decisions.

Benefits of Predictive Analysis for Small Business Lenders

● Gain a deeper understanding of borrowers

● Meet customer expectations

● Reduce Credit Risk

● Make data-informed decisions

● Gain a competitive advantage

Gain a deeper understanding of borrowers

Predictive analytics helps lenders to accurately predict the financial future of a business and gain a deeper understanding of their borrowers. It goes beyond describing consumer behavior to predicting how consumers will behave in the future based on data.

Meet Customer Expectations

More forward-looking data enables lenders to identify and meet customers’ needs and improve customer experience by providing customization products and services. It helps them choose the right product for the right customer at the right time.

Reduce Credit Risk

Simply, provides the most real-time cash flow predive data that indicates lenders that a business will be able to pay back the borrowed amount, so there’s no risk in providing capital, and vice-versa.

Make data-informed decisions

predictive analytics helps lenders visualize where a business is standing in terms of financing, how well it’s managing existing repayments, and how much new financing it can afford. Eventually, it helps in better lending decisions.

Gain a competitive advantage

For a small business lender, having accurate and real-time cash flow data of their customers is essential for success. After all, poor cash flow is one of the biggest reasons why most lenders will not lend money to small businesses. Accurate cash flow analytics is key to understanding, evaluating, and planning for a small business’s future financial health.

● Data Collection and Transport

Collecting quality cash flow data and transporting it to lenders easily and instantly is the foundation of strong cash flow analytics. API-based applications streamline the business’ workflows by automating the collection and normalization of cash flow data. APIs help FinTech firms to collect cash flow data from multiple categories, including operations, investing, and financing.

● Data Quality

Large financial data sets such as accounting, banking, financial, and cash flow predictive data, have large data quality issues. With the help of AI-based analytics solutions and algorithms, financial technology companies today can easily address data integrity issues when processing cash flow data, approving consistency, accuracy, and integrity to levels previously considered out of reach.

● Data Analysis

By leveraging AI and ML technology, APIs can analyze, standardize and visualize a business’ cash flow data with almost no need for human input. And with easy-to-understand cash flow predictive data, lenders will be able to better understand their customers’ unique financial needs and provide best-personalized solutions, increasing sales and profitability, and drive smarter decision-making.

1. Today’s consumers are bombarded with options. They have more choice than ever before and less patience. They are on the move, expect digital access to their financial affairs, and demand high-quality services immediately.

2. Such demands for immediate decisions have increased pressure on financial institutions, especially when making decisions about which customer should be offered which loan and at what price.

3. A futuristic financial data API solution can help banks and financial institutions gain a competitive edge by making data-driven decisions seamlessly throughout the lending process.

4. By using advanced analytics, ML, and AI-based systems, these financial data APIs help lenders to access, analyze and use the most robust and real-time financial data of their customers. These APIs help lenders transform raw data into meaningful, easy-to-understand, and actionable insights so they can better understand customer’s needs and provide customized solutions.

5. Benefits of financial data APIs for lenders

1) Targeting the right set of customers improves the profitability of a financial institution by reducing the probability of customers turning delinquent.

2) Faster and hassle underwriting process by getting the most accurate and relevant data of their borrowers

3) Retain profitable customers by offering the relevant products and services at the right time

4) Reduce collection costs and increase customer satisfaction by offering easy and fast funding

5) Reduce credit risk, determine creditworthiness and make better lending decisions by creating new and innovative data credit systems.

6. Try ForwardAI’s lender-first financial data API today. It’s a comprehensive 3-in-1 platform for faster, better decisions. We offer a financial data API and a white-label portal for small business lenders and a free cash flow forecasting and management portal for small businesses and accountants. Our futuristic data solutions help both lenders and small business owners to take their organizations to the next level.

Who Can Use Financial Data APIs?

Lenders

By getting more real, accurate, and futuristic information of a borrower, lenders can have a greater edge over the competition. Financial data APIs provide information to lenders they need to check the creditworthiness of their borrowers and make intelligent lending decisions than other lenders.

Financial Planners and Analysts

Financial planners and analysts can also use financial data APIs to turn unstructured data from different platforms into structured financial statements for their customers. They can be confident they are providing best-interest advice by making recommendations based on real-time information.

Auditors

Financial data API can help them to get a clear view of the future financial health of a business. It has the potential to transform external auditing and could make it possible for external auditors to improve auditing by accessing historical, present, and real-time data.

Investors

Investors can also leverage a forward-looking data API to collect rich financial data on their portfolio companies and analyze it to gauge their portfolio performance. APIs help investors to accurately calculate the value of a company and decide whether this business is suitable for investing or not.