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[Virtual] OPEN SESSION (API): Transforming Lending with Open Banking: A Case Study in Building a Cash Flow Underwriting System
Thursday November 14, 2024 2:00pm - 2:25pm PST
VIRTUAL API World -- Expo Discovery Stage
Amol Gote, Innova Solutions, Solutions Architect

In the evolving landscape of financial services, implementing a cash flow underwriting system aims to expand credit access and enhance risk assessment. This session will cover an approach that leverages open banking, machine learning, and dynamic underwriting rules to provide creditworthiness evaluation beyond traditional credit scoring methods. It will cover the case study of iCreditWorks - a Fintech organization where this pattern was implemented.

The system consists of four critical components:

(1) A financial data aggregator to securely link customers' bank accounts, utilizing open banking APIs and traditional integration techniques.

(2) Collaboration with a specialized partner that employs machine learning models to analyze transaction data, generating a comprehensive cash flow score and identifying verifiable income.

(3) Developing and implementing underwriting rules that integrate the cash flow score and income data to make informed lending decisions.

(4) The seamless integration of these components into a mobile application and backend infrastructure, ensuring a user-friendly experience and efficient loan application processing.

This session discusses the cash flow underwriting system's design, implementation, and strategic significance. It highlights its potential to extend credit access by surpassing traditional credit scores and opening new avenues for financial inclusion and risk assessment. It also introduces a technical implementation approach for cash flow underwriting by integrating multiple services and using open banking for bank account linking for transaction data.
Speakers
avatar for Amol Gote

Amol Gote

Solutions Architect, Innova Solutions
Amol Gote is a seasoned technology professional adept at building scalable, resilient microservices in Java and .NET. He excels at deploying and managing microservices in AWS and Azure environments and boasts technical proficiency across multiple applications and tools. His expertise... Read More →
Thursday November 14, 2024 2:00pm - 2:25pm PST
VIRTUAL API World -- Expo Discovery Stage
  OPEN SESSIONS, API World
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