The CredAgility platform is relied on by lenders globally for customer management solutions; enhancements to the newly released version 7.3 include expanded customer level views for client service representatives, improvements for compliance management, added self-service options and improved functionality for email and customer outreach. Source
CoinTribe is using advanced credit modeling to provide online lending to small and medium-sized businesses in India; it also offers personal loans; its services are leading the marketplace for small and medium-sized businesses; company provides an online marketplace for loans and also offers platform as a service digital technology to banks; CoinTribe has been originating loans since March 2016; has raised $3 million in funding and has plans to raise another $10 million to $15 million in the near-term. Source
India's CoinTribe has partnered with SMERA Ratings to incorporate a new rating system for its online business lending services; through the partnership CoinTribe will gain access to SMERA's ratings database for micro, small and medium size businesses; CoinTribe plans to integrate the ratings information with its current credit underwriting system for enhanced analytics on business credit loans. Source
Open banking regulation is moving forward with Colombia the latest to announce a plan to develop a framework for sharing financial info.
Manatt provides an overview of some of the comments received by the OCC on the proposed fintech charter; the New York Department of Financial Services was critical of the charter; the American Bankers Association is supportive of the charter "...as long as existing rules and oversight are applied consistent with those for any national bank"; the Financial Services Roundtable also spoke in favor of the charter, commending the OCC for its development of the proposal; also highlighted are responses from the Consumer Bankers Association and the Independent Community Bankers of America. Source
CommLoan has obtained $2.25 million in seed funding from Social Leverage and ViaWest Group; the firm is the first to offer an online marketplace for commercial mortgage borrowers; it makes loans directly to commercial mortgage borrowers and also uses a network of lending partners to match borrowers with lenders; the firm plans to use the funding for business development. Source
CommonBond has created a March Debtness bracket to look at the payoff rates of this year's March Madness basketball teams; the bracket identifies the time it takes for students to pay off their student loans; UCLA is CommonBond's current March Madness winner with the fastest payoff rate at 4.42 years. Source
CommondBond has expanded its loan offerings to include undergraduates; its products now include loans for undergraduate and graduate students, refinancing options for graduates and employer student loan benefits; its newly launched in-school loans have variable APRs starting at 2.87% and fixed APRs starting at 5.50%; they will also include a range of repayment options; in combination with the new loan offerings CommonBond will also partner with Pencils of Promise to support the educational funding of a child in need for every new loan funded on the platform; additionally, CommonBond has announced new online tools for comparing loans; the firm is also building out its employer student loan benefits product which involves integration with Gradible, which it acquired last year. Source
American Banker talks with David Klein, CEO of CommonBond about the fintech industry and his insight on the effects of a fintech charter; David Klein says company valuations across the industry are more realistic and the industry is maturing with more lending platform investments focused in later round fundraisings; explains the company's technology solution for employers adding student loan payment benefits; notes the company's default rate is zero; says the OCC fintech charter should give fintech companies better competitive market positioning and help to reduce costs. Source
Julieann Thurlow of Reading Cooperative Bank saw the SoFi Super Bowl ad last year and decided to try out the lender as she watched the ad, she received a loan in a few minutes; her reaction set off a chain of events where she is now looking to accelerate her own bank's innovation to keep up with online lenders like SoFi; her reasoning is that these new entrants will begin to eat into their customers unless their technology is on a comparable scale; they now have a mobile experience where you can open new accounts and she is looking to have a mobile mortgage application live in the next year; she now attends innovation events and is looking to help their customers move into the digital age with the bank. Source