Announcement Is Latest in String of Milestones for San Diego-Based Fintech Leader
DecisionLogic, a pioneer in advanced bank verification solutions that enable lenders to instantly qualify potential borrowers based solely on their banking histories, announced it has surpassed the 40 millionth customer mark, signaling the adoption of its advanced bank verification technology into the mainstream.
DecisionLogic originated its technology with a mission to improve asset verification for both the consumer and financial service provider, ultimately creating opportunities for a large portion of the population to access financial assets in times of need. Since its launch in 2011, the company has seen its technology experience widespread adoption as a crucial tool for underwriting amongst customers including major financial institutions, merchant lenders, mortgage brokers and consumer finance companies across the US and internationally.
Most recently, DecisionLogic announced a partnership with US Bank, in which US Bank customers will benefit from direct access to DecisionLogic solutions, enabling customers to receive immediate loan approvals and tap a secure and expedited source for capital in times of financial need.
David Evans, DecisionLogic CEO, commented, “When we started DecisionLogic, the industry was incredibly tied to the credit score as the primary means for making underwriting decisions. But times have changed – online banking and financial technology have gone mainstream, and consumers and financial institutions now expect fast, secure services and an alternative to the traditional FICO score. In hitting the 40 millionth customer mark, our Instant Account Verification technology has become the primary form of alternative lending verification.”
DecisionLogic’s technology goes beyond the raw data to offer customers real value through its proven, advanced analytics and scoring which the company has perfected over eight years as a business. In a head-to-head AB test, a publicly traded global lender evaluated 30,000 loans. Half of the loans were approved using the lender’s traditional subprime credit bureau data (the credit score), while the other half were evaluated using DecisionLogic. The test revealed a 40% drop in first-time default rates on the DecisionLogic-approved loans.
The company continues to evolve is scoring models and as such has expanded its APIs to offer a free Income Stability Score enhancement to customers. The Income Stability Score is a quantitative analysis of a borrower’s stability, enabling customers to make sensible decisions in underwriting. DecisionLogic also recently joined FDX and became a member alongside other banking industry leaders including American Express, Bank of America, Capital One, Charles Schwab, Chase, Citi, Fidelity, Intuit, Quicken Loans, TD Bank, US Bank, USAA and Wells Fargo.