ATLANTA, GA – Oct. 16, 2018 – Urjanet, the global leader in utility data aggregation, today unveiled a new solution enabling financial services providers to uncover new revenue opportunities within decline traffic. The industry-first solution leverages machine learning technology to provide on-demand, user-permissioned access to proof of name and address, as well as utility payment history. With Urjanet’s unique model of data access, fintechs and lenders can shed light on nearly 50 million underbanked consumers and keep customers in control of their own data.
Since its inception, the company has automated and streamlined more than $70 billion in utility spend globally. With global utility coverage, Urjanet’s platform is the only solution of its kind poised to close the gap in reliable, secure alternative data access on demand and at scale.
“Urjanet is committed to investing in new partnership opportunities and new ways to transform the use of utility data,” said Urjanet CEO Sanjoy Malik. “With the latest expansion of our platform, we are excited to empower financial services providers large and small to optimize conversions, drive new revenue growth, and deter fraud.”
Nearly 50 million thin- or no-file consumers and small businesses in the U.S. are unable to access the credit they need through traditional risk models. Alternative data has revealed a substantial portion of this credit invisible population to be qualified applicants: according to a FICO study on incorporating alternative data, more than one-third of newly scorable consumers would have scores of 620 or above. Yet what risk models have lacked is a reliable method of accessing this alternative data.
With up to 12 months of utility bill payment history available on demand through Urjanet’s intelligent data platform, alternative lenders can now gain deeper visibility into decline traffic applicants, advance their risk models, and ultimately expand financial inclusion for millions of consumers.
As lending and commerce become increasingly omni-channel in nature, simply verifying the identity and address of applicants in a digital environment is a complex challenge. Third-party-verified, user-permissioned proof of name and address is now supported through the Urjanet utility data platform, enabling online businesses to automate manual reviews, meet KYC and AML compliance with confidence, and give customers a secure channel to submit their own identity data.
“While stricter identity verification procedures have been absolutely necessary, they have also left qualified applicants behind in the fray,” said Travis Jarae, CEO and founder of One World Identity. “Urjanet’s platform presents a promising solution to securely and reliably shed light on verified applicants and help fintechs and lenders grow their business.”
Click here to learn more about how Urjanet’s new intelligent data platform can help your business uncover and convert more qualified applicants with user-permissioned data access, or request a demo to see how the platform works in action.