Big Data Disrupts Credit Applications As We Know Them

Convergence is the latest buzzword in finance, and thanks to the relationship between payments and loans, we are now seeing the emerging point of sale (POS) lending. Just a few short years ago, POS lending would have been unheard of, as there was just not enough data to make a decision of that nature fast enough. We simply had a relationship with the bank and a FICO score to look back on, but sound financial decision-making needs more than that. This is where big data comes in. It bridges the gap between the known and unknown to provide a holistic picture of…...