Rapid Enterprise, a division of Rapid Finance, an industry leader in delivering automated and scalable Lending-as-a-Service (LaaS) solutions to support the growth and success of small businesses announced the availability of its latest white paper, “What You Should Know About Preventing Fraud and Optimizing Lending in The Age of Fintech.”
Today, the current global lending market is worth an estimated $1.6 billion, but with constraints such as high costs associated with commercial origination processes and the perceived risk of lending to small enterprises, traditional lenders struggle to make small business (SMB) lending economically viable. To address this, financial institutions (FIs) are exploring innovative approaches to tackle the issue head-on.
Many FIs have assimilated data over years of operation across different product silos. However, unlocking the full potential of their data can be a challenge. The white paper underscores the importance of preventing fraud at the onset of the lending process using data-driven strategies that rely on clean, accurate, and verified data to streamline and improve the lending lifecycle for SMBs. Modern lenders can achieve this by leveraging cloud-based services, data-enhancing APIs, and standardized schemas.
“In today’s small business lending landscape, lenders must find a way to meet compliance requirements and ensure that they are taking the necessary steps to mitigate the impact of fraud,” said Will Tumulty, CEO of Rapid Finance. “For a number of these businesses, the biggest challenge is implementing an organized, clean, and relevant data structure for AI model training. Lynx solves this problem by creating a data environment that is clean, well-structured, relevant, and up to date with easy API connectivity to client systems. This is accomplished without needing to make extensive changes to existing data structures or business processes.”
For more information download the full white paper here.
About Rapid Finance/Rapid Enterprise
Since 2005, Rapid Finance has been supporting the growth and success of small businesses across the U.S. Powered by a thoughtful combination of technology, speed and deep industry expertise, the Rapid Enterprise business line provides Lending-as-a-Service solutions to enterprise clients. With modular, flexible and scalable financial solutions, Rapid Enterprise solutions are customized to our enterprise partners’ needs. Learn more at https://enterprise.rapidfinance.com/.
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