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Introducing Flinks Enrichment for Commercial Lending: Business Financing Just Got Better

By Flinks on November 30th, 2021

Reading Time: 5 min

Today, we’re thrilled to announce that Enrichment has expanded its offerings beyond consumer financing and into the business space. This is another result of our continued commitment to advancing our core Enrichment engine by working on the breadth, depth, and accuracy of our enriched data. 

We are entering a new era of commercial financing—Flinks’ new Business Analysis report modernizes your loan origination process and speeds up your underwriting workflow.

The Business Analysis report leverages our world-class enrichment engine and returns around 2,000 intelligent insights in real-time. This consolidated report allows you to be laser-focused on understanding your customers’ financial strengths and weaknesses to make accurate decisions. 

Key benefits of using our Business Analysis report are:

  • Out-of-the-box integration—speed up your underwriting process and loan product development with minimal tech resources
  • Actionable insights across different data sources—pull the most important insights from your customers’ raw financial data using our sophisticated ML and AI
  • Intuitive & standardized reporting—empower your loan officers and risk analysts to easily understand a company’s true financial profile in one single view

Who is it for?

Non-banks, alternative lenders, online lenders

  • Pre-qualify online SMB loans in a matter of hours
  • Deliver a digital-first, seamless experience that moves borrower journey quickly from commercial loan origination to close
  • Provide better rates and conditions, along with more personalized product recommendations

Big banks, credit unions, community banks

  • Speed up manual underwriting process and support cross-references with our built-in key data insights
  • Reduce back-and-forth reviews and human interventions for clarifying information and explaining financial gaps
  • Strengthen documentation for security and compliance

Quick links

  1. The business financing challenges
  2. Flinks built an advanced solution so you don’t have to
  3. How Flinks unlocks the next phase of commercial financing
  4. Bottom line: let’s make business loans better and more accessible

The business financing challenges

1. Limiting credit risk in an evolving landscape

In the ever-changing post-COVID world, commercial lenders need accurate data and rigorous analytics to determine an applicant’s true credit risk level and outline their financial position at a given point in time.

Banks’ exposures with a “significant increase in credit risk” are up 82% in the midst of the current storm.
Source: PwC (2021)

2. Minimizing the costs of loan defaults

As there are continuing challenges and high levels of debts from the pandemic that could cause corporate borrowers to default on their debt obligations, commercial lenders need to price loan products more effectively and optimize credit policy to minimize the probability of default (POD).

Market participants estimate that default rates will remain elevated for corporate leveraged loans throughout 2021 and into 2022.
Source: FDIC (2021)

3. Reducing the costs of underwriting

Commercial lenders still spend a significant amount of time on manual processes to gain a comprehensive, multi-dimensional view of an applicant. Requiring additional back-and-forth reviews can also stall your entire loan origination process.

Even today, 30-40% of commercial lending resources are spent on non-core, manual tasks. 46% of respondents said their FIs take at least 5 weeks to close a commercial loan.
Source: Deloitte (2020) and abrigo (2021)

Flinks built an advanced solution so you don’t have to

Our Business Analysis report was built to help commercial financing review loan applications faster and easier by offering an at-a-glance overview of your applicants’ operational income and expenses across their business accounts, with the ability to dive into specific details, so that you can decide whether to pre-qualify a borrower or request additional reviews.

How does Flinks for business financing work?

  • Your applicants connect their business account(s) through Flinks API, or you can upload their raw or aggregated data in CSV, JSON, or PDF formats via our Client Dashboard
  • Business Analysis report outputs all the relevant data your loan officers need in an easy-to-read, standardized format
  • You can download any category of the Business Analysis report as a PDF supporting document to build a comprehensive audit trail for your applicant

How Flinks unlocks the next phase of commercial financing

1. Enhanced risk analysis

With around 2,000 enriched data insights, 9 categories plus 37 subcategories of detailed breakdowns, Flinks’ Business Analysis report is capable of supporting a full-fledged risk analysis, whether you want to use this report independently or together with your existing reporting tools.

Your loan officers and other members from the loan and/or risk team can easily highlight relevant data points in our income, expenses, and fees breakdowns, instantly speeding up your review process from days to hours to determine an applicant’s true creditworthiness.

2. Improved loan default management

Commercial lenders now confidently predict loan delinquency, evaluate default rates, and minimize losses with our loan deposits, loan payments, and liabilities breakdowns visualized in charts, trends, and predictive insights that send you the right signal you need. 

Not only can you gain deep insight into an applicant’s financial position, but also you’ll be able to better segment your applicants to provide more competitive rates, establish better credit policy, and ultimately be more financially inclusive to all the potential good borrowers.

3. Optimized origination process

To bring speed and convenience to your commercial financing, leverage Flinks’ turnkey Client Dashboard where you can deploy our Business Analysis report without any dev resources or revamp your current workflow. 

You’ll also have the flexibility to layer this report on your existing dataset and plugin as many data sources as you have, or opt for Flinks’ own business data connectivity for real-time, direct bank-sourced data. Either way, Flinks reduces costs and removes friction from your origination process for a better customer experience.

Bottom line: let’s make business loans better and more accessible

Business financing is changing, and it’s time to bring open banking into the commercial lending space and level up your data stack with enriched financial data. This means a more reliable, simpler application process for borrowers, and new business use cases for commercial lenders. 

Flinks is here to help. If you are ready to keep your business moving with the right tools and a trusted partner, speak to our experts today and learn more about how the Business Analysis report can work for you.

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