Independent Banker - August 2017 - 97

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in different credit models. "
But what exactly constitutes
alternative data? The term has an
increasingly broad interpretation,
with a lengthy list of data sets ranging
from debit card transactions to
social media history. Payment and
transaction-related data, such as a
history of paying rent, utility and telecom
bills, help illustrate trends and
patterns. How does someone shop
on the internet, what devices does
that person use, what stores does he
frequent? Other data sets focus on
change of address, phone numbers
and email addresses, as well as a
person's occupation or educational
attainment, schools attended and
jobs held. " All of those things may
have some correlation with a person's
stability, " Reiling says.
Holistic view
Some view alternative data simply as
a deeper dive into fi nancial data in
checking and savings accounts. " You
are not just looking at a balance, but
what comprises that balance, " says
Terry McKeown, practice manager
at Credit Analytics at Envestnet |
Yodlee, a data aggregation and analytics
platform for digital fi nancial
services. " What is the cash fl ow like?
How are they spending? What is the
frequency of their paycheck? Do they
have other sources of nontraditional
income, such as from Uber or Airbnb?
That level of detail is not something
that is typically captured by the credit
bureaus. So it allows you to get a
more complete picture of someone's
fi nancial situation. "
The digitization of banking and fi ntech
solutions is helping banks access
a wider variety of fi nancial data that
is better, faster and cheaper. " You
still need to make sure that you are
lending money to an individual that
has the ability to pay, " says McKeown.
" But because people are using data
and their fi nancial tools differently,
we need to be able to access more of
that data in a different way. "
Beth Mattson-Teig is a writer in
Minnesota.
Register at Independent Banker's Webinar Event
Center to access the library of presentations on
everything from reconciliation automation to competing
with fintech. tinyurl.com/IBwebinars
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Independent Banker - August 2017

Table of Contents for the Digital Edition of Independent Banker - August 2017
