WebEquity Solutions®, a leading commercial lending software provider and FICO, a leading predictive analytics and decision management software company, today announced that they are working together to help improve how banks and credit unions compete for small business loans. The companies plan to integrate the FICO® Small Business Scoring ServiceSM solution (SBSSSM solution) with WebEquity’s commercial lending platform, enabling financial institutions to expedite, standardize and mitigate risk with small business lending decisions, as well as improve loan servicing and portfolio risk management. The integrated solution, WebEquity® Small Business powered by FICO, will be available in
FICO SBSS solution is the leading service for scoring small business credit decisions. The software uses sophisticated analytic models and a decisioning engine to enable small business credit grantors to assess credit risk, comply with regulatory requirements, and offer fast responses to small business applicants through process automation and instant risk assessment. The small business scoring service provides both commercial and agriculture models. WebEquity is the fastest growing commercial lending platform in the U.S., with 800 lending institution clients. Its solutions perform full credit analysis, manage ongoing credit relationships and conduct exception analysis, portfolio reporting, stress testing and risk management.
"Small business lending is a mission-critical growth strategy for banks and credit unions of all sizes – and a critical growth lever for the American economy," said
WebEquity Small Business powered by FICO will give financial institutions the ability to:
• Say "yes" faster – make decisions quickly through an automated, standardized process.
• Streamline data entry – automate the flow of data from tax forms and financial statements to FICO models for improved data accuracy and reduced effort.
• Reduce small business lending risks and substantiate fairness – make informed lending decisions that are well-documented and based on consistent processes and objective, validated scoring models.
• Increase market opportunity – efficient access to advanced decisioning tools and scoring models makes competing for small business more profitable. The companies have implemented joint solutions with several institutions across the country, including
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