Accelitas hosted a webinar on navigating today’s economic challenges. What we learned in the process is helping us all move forward.
(First in a three-part blog)
From the earliest days of the coronavirus crisis, Accelitas has been pursuing solutions to assist both borrowers and lenders in this uncertain marketplace. Technology and analytics are a valuable tool. So is listening to lenders on the frontlines who are making loan decisions everyday.
We recently hosted a webinar Lending During a Crisis, featuring Accelitas Data Scientist Steve Krawczyk and CEO Greg Coté. Combining our experience and participant feedback, we now have a clearer picture of both the challenges and opportunities lenders are facing:
- 48% of attendees cited lead quality as the top concern for their business right now. Tied for second were default rates (21%) and deferral requests (21%)
- While overall inquiries and volume are down, there are growth opportunities from new segments and positive indicators in lending and payments that show "green shoots" for a recovery
- Real-time data from essential businesses has proven valuable as a proxy for employment to identify creditworthy borrowers
- The impact of Coronavirus is not consistent across channels and markets, so tuning custom credit scores by geography, channels, segment and products can lower risk and increase profits. Alternative data is proving to be paramount in finding more creditworthy borrowers that may have previously been ignored.
See for yourself.
Watch a recording of the webinar by clicking below:
So what are the “New” New Essentials? We’ll be reviewing these webinar insights in upcoming blogs.