Lending solutions provider Lenders Cooperative and data analytics company Lumos Data have expanded their collaboration in a move to transform the efficiency of small business lending.
According to the parties, their partnership has revolutionised the approach to small-dollar commercial lending for financial institutions.
Through the continued alliance, Lenders and Lumos Data intend to further improve the use of advanced technology. This is expected to further streamline loan decision-making and enhance profitability in both conventional and small business administration (SBA) small business lending.
By leveraging machine learning and proprietary data, the Lumos Business Report is said to provide valuable insights to optimise the credit memo process.
This automation solution closes the gap between initial data collection and final credit decision. It offers lenders the intelligence required to improve outcomes for their small business clients.
Lenders CEO Cary Cooper said: “The Lumos Prime+ Expected Loss Credit Model has been a critical component of our end-to-end loan origination process, providing score-based decisioning that simplifies credit assessment.
“With this expanded partnership, our clients can now leverage new tools like the Lumos Business Report, which automates key data elements within the credit memo narrative, reducing manual underwriting time and accelerating loan decisions.”
The Lumos Business Report delivers automated, artificial intelligence (AI)-powered business insights to help lenders make quicker and more informed lending decisions.
Its key features include AI-driven business write-ups that generate detailed reports for underwriting purposes and comprehensive industry insights to support decision-making.
In addition, it also offers a qualification grade that assesses loan credit performance with predictive accuracy based on machine learning and historical small business data.
Lumos Technologies CEO Brett Caines said: “Financial institutions utilising the Lenders Cooperative platform with Lumos Prime+ integration can now more effectively support their small business customers by delivering faster access to capital. “We are excited to see how this enhanced partnership will continue to unlock new opportunities for both financial institutions and the businesses they serve.”
