Last year we wrote a white paper on the power for lenders of Commercial Credit Data Sharing (CCDS) – the mandatory sharing of SME current account, credit card and lending data from 9 major banks. The opportunities we identified are significant:
* Up-to-date cashflow information to drive better underwriting outcomes
* Automated population of enhanced scorecards
* Removes the need to request bank statements, increases underwriter productivity, reduces deals lost
* Proposals made easier, increasing new business volumes
* Identification of in-life upsell opportunities
* Early identification of default, improved portfolio management
The data has been in play since December but so far lenders have been conservative its adoption, with only a few companies using it for day-to-day decisioning. Is there a significant opportunity being missed?