How a Proper Data Aggregation API can Help Fintechs go to Market Way Faster

Fintechs must tap into advanced data aggregation to collect data from multiple sources using a single API and contract, for faster, cheaper, and more accurate credit onboarding and underwriting.

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Jon Fry
June 6, 2022

To get ahead of the competition, early-stage fintechs are constantly striving to approve and onboard more borrowers for credit. In theory, this should be easy — after all, there are plenty of qualified small-to-medium-sized businesses (SMBs) looking for loans. Right? 

Not exactly. As any fintech knows, expanding your customer base isn’t as easy as finding SMBs who want access to capital. The trick is to find qualified borrowers, who can take out loans without bringing additional risk to your business. To launch products faster and get ahead of the competition, you’ll need a strategy that maximizes approvals and minimizes risk. 

Lendflow’s Credit Decisioning Engine API makes it easy to connect all your data sources and services through one unified API and a single contract, so you can go to market faster than your competition — and reduce risk. 

The Problem with Traditional Data Aggregation

Traditional underwriting and onboarding processes are often manual and inefficient. 

When it’s time to approve a loan, you’ll base the credit decision on a variety of data sources After all, advanced underwriting and onboarding in today’s fintech world involves a combination of data like KYC, KYB, document verification, accounting, payroll, and e-commerce — as well as cash flow analytics, personal and business credit, and bank data. 

While all this data might seem to lead to improved loan decisioning, without an effective data aggregation API, the simple truth remains: it takes time and money to aggregate all these data points from their unique sources. 

In a traditional decisioning process, you might need to contact dozens of data providers — each with their own separate contracts, data standards, and transfer policies. To expand your customer base and scale your operations effectively, you’ll need to either commit serious resources to data collection, or find a new way to build holistic customer profiles.

That’s where Lendflow — and advanced data aggregation — comes in. 

Making Sense of Credit Decisioning API

With Lendflow’s Credit Decisioning API, early-stage fintechs leverage powerful data aggregation services to enhance underwriting models without breaking the bank. 

For fast and accurate decisioning, Lendflow’s Credit Decisioning API offers a single-platform solution, in a single contract. Since Lendflow’s data aggregator gathers large amounts of data from the full breadth of sources at deep discounts, gone are the days of having to contact each individual data provider on a case-by-case basis. 

Bottom-line? Lendflow’s Credit Decisioning API saves early-stage fintechs time and money through the underwriting and onboarding process.

Here’s how it works: with your Lendflow Credit Decisioning API, you can collect dozens of data points on each customer. The API then automatically aggregates your data, without the need to reach out to individual data sources. A unified data platform allows you to minimize costs and maximize decisioning efficiency. 

Lendflow’s Credit Decisioning API also allows you to standardize your data collection protocol, which means you can pull the same data from multiple providers without reformatting every data set. 

Across the board — from payments, to payroll collection, to credit applications — the Lendflow API works off of a fast and easy-to-use customer interface.

Why fintechs are switching to Lendflow’s Credit Decisioning API

For fintechs breaking into the credit space, there are countless benefits to using a Credit Decisioning API. With automated data aggregation, you no longer need to have a legal team review multiple contracts from all the service providers for your data. You no longer need to contact each data provider. Instead, you can free up valuable resources and drive down data costs using a single third-party service. 

The best part? Lendflow’s Credit Decisioning API allows you to get the ball rolling without having to allocate high development capital. Until now, fintechs have needed to build individual integrations for data retrieval. Through a single integration with our innovative API, though, you can reduce resource utilization and take advantage of bulk discounts for better data pricing. 

Lendflow API offers the best of both worlds — powering more accurate underwriting evaluations and faster onboarding of qualified applications. To top it off, Lendflow’s Credit Decisioning Engine includes data standardization, customizable decisioning workflows, scorecards, and other helpful features. With all your data aggregation in a single solution, Lendflow helps your fintech reach new levels of efficiency.

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