TurnKey Lender, an award-winning provider of credit decisioning, lending automation, and risk management software, and Flinks, the industry-leading financial data enrichment and connectivity platform, announce a partnership to equip lenders with real-time, actionable data and AI-driven bank statement analysis.
The two companies will bring together Flinks’ ability to connect accounts and enrich data from over 10,000+ financial institutions in the US and Canada and the automated, end-to-end lending processes TurnKey Lender provides to traditional, alternative, and embedded lenders.
Flinks’ financial data layer processed by TurnKey Lender’s proprietary Decision Engine allows lenders to instantly make accurate credit decisions based on historic and real-time financials of their clients. Borrowers can instantly connect their bank accounts when applying for financing, to receive faster approvals and fairer rates without paperwork in a fully digital lending process.
The reliability of traditional credit scoring approaches has been tested with the sudden economic impact of COVID, credit models using past behavior and payment performance cannot account for the drastic changes that borrowers experienced. Bank statement analysis using real-time, wholistic data can provide a much more accurate assessment of a borrower’s current financial situation.
TurnKey Lender clients who have implemented this scoring approach make more than 80% of their credit decisions based on this data. This approach significantly cuts time, previously spent on manual bank statement review and increases the overall customer experience, productivity, speed, and accuracy of the loan origination processes.
“Utilizing the unique financial data and connectivity we can get from Flinks will allow traditional, alternative, and embedded lenders using TurnKey Lender to serve their communities better with quick, affordable, and easily accessible credit. We look forward to the prospects this partnership will unlock for both our companies and our clients in North America and beyond,” states Elena Ionenko, Co-founder and COO of TurnKey Lender.
“Our partnership is all about arming our mutual customers with the most powerful data to make the most grounded lending decisions. We enable lenders to efficiently and accurately assess borrowers’ actual financial behaviors. Flinks’ data enrichment transforms raw transaction data into directly actionable decision variables. Our integration with TurnKey Lender means mutual customers will be able to get up and running with both of our services with minimal time and effort,” says Brock Leong, Director of Global Partnerships at Flinks.
About TurnKey Lender:
TurnKey Lender is a global B2B SaaS company that offers AI-powered lending automation and decision management solutions and services in 50+ countries. From origination and underwriting, to servicing, collection, and reporting the company’s software can automate the entire lending process just as well as its specific parts. TurnKey Lender supports numerous credit products out of the box – both commercial and consumer – on the same flexible SaaS platform. Designed with the latest design best-practices, TurnKey Lender exceeds regulatory requirements for data security, going above industry standards with SOC 1 and SOC 2 Type II compliance reports, the globally recognized PCI DSS and ISO 27001 certifications, and more.
Flinks is the financial data layer powering the internet. Trusted by millions of individuals accessing financial services at world-class companies, Flinks enables businesses to connect to their customers’ financial accounts, enrich this data, and utilize it to deliver better digital products. Serving innovators in lending, fintech, digital banking, asset management and insurance, Flinks is quickly becoming a global leader in financial data connectivity and analytics.