Uplinq, a global credit decisioning support platform, reveals how AI-powered credit decisioning technology can support small business lenders, in a joint case study with digital payment giant Visa.
Visa and Uplinq detail the challenges small businesses face in securing affordable credit, including the limited data many financial institutions (FIs) reference when determining small business loan applicants’ creditworthiness.
The case study, ‘Transforming global small business underwriting with augmented data‘, reveals how Uplinq helps FIs approve more loans by leveraging AI and machine learning models to augment existing underwriting processes. Through these techniques, Uplinq also aims to drive significant time and cost savings.
As per the case study, on average, financial institutions using Uplinq’s technology have enjoyed a:
- 50 per cent reduction in underwriting operating costs
- 15 times reduction in credit losses
- three times average increase in line of business profitability
“If banks can make a profit growing the economy, and small businesses can prosper in the process, everybody wins,” said Patrick Reily, co-founder of Uplinq. “Fairness, inclusivity and success in the economy are all objectives that AI can optimise itself around, and Uplinq is turning that vision into reality.”
Broadening access to affordable credit
“We’re grateful to Visa for their continued strategic collaboration, and this case study underscores the significant potential for Uplinq’s technology to positively impact both financial institutions and the communities they serve,” added Ron Benegbi, CEO of Uplinq. “AI-powered credit decisioning not only broadens access to affordable credit by empowering lenders to approve small business loans they would otherwise deny, but also significantly improves lenders’ underwriting efficiency and profitability – a true win for all involved.”
This case study builds on Uplinq’s ongoing relationship with Visa, through which Visa refers US and Asia Pacific-based financial institutions that lend to small businesses to Uplinq and its breakthrough credit decisioning technology.
“Ensuring small businesses have ready access to the affordable capital they need is a critical part of Visa’s mission and a key factor in broad economic health,” said Jonathan Kolozsvary, global head of small business at Visa. “We look forward to continuing to work with Uplinq to strengthen credit access, which, as this case study demonstrates, has substantial benefits for small businesses and lenders alike.”
