DecisionLogic Surpasses 50 Million Consumer Mark
San Diego Company Leads FinTech Industry with Real Time Electronic Transactional Data as Superior Alternative to FICO Score
DecisionLogic, a FinTech pioneer in advanced bank verification solutions, announced it has surpassed 50 million consumers serviced through its state-of-the-art Software-as-a-Service platform. San Diego-based DecisionLogic’s technology enables lenders to instantly qualify potential borrowers based solely on their banking histories rather than the traditional, latent FICO score.
By providing real-time access to banking data through the DecisionLogic’s SaaS solution, consumers can receive immediate loan approvals and tap a secure and expedited source for capital in times of financial need. DecisionLogic’s 50 million customers include consumers of merchant lenders, consumer finance companies, tenant verification servicers, auto lenders, mortgage brokers, payday and cash installment lenders, retailers, and financial institutions in Australia, Canada, United Kingdom, United States and New Zealand.
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“We are grateful to continue to serve the needs of consumers and lenders, as a solutions provider in this challenging time,” said David Evans, CEO of DecisionLogic. “The technology has most certainly gone ‘mainstream’ as consumers adopt the process readily and lenders integrate our technology into their processes quickly and easily. This enables the lending community and other industries to initiate income verification directly with our platform, while consumers can avoid predatory outside vendors and have fast access to monetary funds in a self-contained and secure digital ecosystem. Lenders want to lend, and our technology helps them do that quickly and in a compliant manner using industry best practices.”
“It’s been hugely rewarding to see our clients service not only their existing customers but grow and support new customers during this critical time. It speaks to the power of the bank statement,” adds VP of Account Management, Terri Goddard.
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DecisionLogic’s advanced bank loan verification platform serves as a premier data source and underwriting tool for financial leaders seeking fast and accurate insights when evaluating customers for credit-related approvals. In addition to bank transaction data, DecisionLogic introduces Identity Verification, Income Recency Scoring, and robust security features to the loan approval process.
“Our lending customers appreciate that we can provide real-time insight into their borrowers’ financial profile that reports recent banking history, employment and spending,” Evans said. “Our technology has further democratized the financial verification process — rather than relying on a credit report that might penalize a borrower for a late credit card payment from several years ago, lenders can now evaluate a borrower’s up-to-the-minute financial situation through their bank account history … the result is more accurate picture of their credit-worthiness.”
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