Excerpt:
We’ve all heard the expression, “Data is King.” To make effective decisions of any kind requires acquiring and analyzing data, and we can all agree that this is especially true for financial institutions. Yet, for decades, many have based small-business lending decisions on outdated data points such as FICO scores or tax returns. Even worse, that information is skewed and often inconsistent with the health and viability of the business.
Without the proper data, small business (SMB) loan decisioning is placed at a serious disadvantage. Here’s why:
Download PDF of the full article