Acuity is a trusted partner for lending institutions. It works with over 250 financial services firms, helping them drive process standardisation, improve credit risk practices and deliver data insights for their portfolio.

CreditPulse is designed to empower analysts to leverage generative artificial intelligence (AI) and help them identify emerging portfolio risks. To harness the power of data and reporting, it can integrate seamlessly with existing tech stacks at financial institutions, resulting in improved data interpretation and visualisation. This cutting-edge platform enables financial institutions to accelerate their credit lifecycle processes and achieve a 25 – 30% efficiency boost.

“We are glad to introduce our proprietary LLM tool, CreditPulse, which can be used to create summarised commentary for fact-based analysis. This tool has been created with our in-depth knowledge of the lending value chain and corresponding technology landscape,” said Rajul Sood, Managing Director and Global Head of Lending Services at Acuity Knowledge Partners.

Rajul further added, “CreditPulse leverages AI to help standardise, digitise and streamline the credit writing and review process. It enables the credit risk function to focus on insights-based analysis, reduce turnaround time and support growth in lending volumes. This leads to improved credit risk governance practices overall.”

CreditPulse offers a range of features, including end-to-end portfolio management, early warning indicators for effective risk governance, user-friendly interactive interface, configurable templates, credit repository and data extraction capabilities. The platform provides 30% cost savings over a three-year period and enables significant productivity gain in the first year of implementation.

“We are excited to bring this game-changing technology to the market. Our goal is to help financial institutions around the globe reduce the time taken for credit report generation and unlock new opportunities for growth,” said Jon O’Donnell, Chief Operating Officer at Acuity Knowledge Partners.

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The board members, who provide advice and counsel but are not involved in Tiger’s day-to-day operations, held their inaugural meeting on August 29. They are Elaine Hughes, Irene Marks, Michael P. Muldowney and Daniel R. Schwarzwalder.

“Elaine, Irene, Michael and Daniel are respected subject matter experts with an impressive breadth of experience in areas such as banking, retail, talent acquisition, corporate strategy and supply-chain logistics,” said Dan Kane, cofounder and Managing Member of Tiger Group. “As we seize new opportunities in a time of rapid change, their counsel is already proving to be an invaluable resource.”

In addition to providing fresh, deeply informed perspectives on emerging issues and trends, board members leverage their extensive industry relationships to support Tiger’s growth and evolution, added Michael McGrail, Chief Operating Officer.

“Relationships are the heart of our business and company,” he said. “A great many of Tiger Group’s most creative and productive initiatives have started with a simple conversation. Exposing our team to the Advisory Board members and their business contacts is just a tremendous opportunity for Tiger.”

The Tiger Group Advisory Board: 

Elaine Hughes, who founded E.A. Hughes & Company in 1991, brings decades of experience as a strategy and executive recruiting consultant for top retailers and consumer products companies. Earlier in her career, she gained extensive experience in the textile industry, through positions at Springs Industries, Malden Mills and Blue Ridge Winkler. A frequent source for national business media, Hughes serves on the board of the Charles F. Dolan School of Business of Fairfield University and is a three-term board member of Women in Management, where she initiated The WIM Scholarship Fund and the WIM Mentorship Program. Hughes serves on the advisory Board for Broadcrest Asset Management and Spring Creative (the former Springs Mills) and is on the Board of Directors for The Wilson College of Textiles (part of NC State), Runway of Dreams in NYC and Turning Point, the largest facility in Union County housing women escaping domestic violence. She also served on the advisory board of the Global Fashion Management program at the Fashion Institute of Technology’s School of Graduate Studies and was a founding member of the New York Textile Group, formerly known as the New York Textile Board of Trade. A long-term member of Fashion Group, she also belonged to the American Apparel & Footwear Association.

Irene Rosen Marks brings over 35 years of banking experience, including 25 years working with retail and consumer products companies in roles in sales, underwriting, credit and relationship management. She recently retired as a Managing Director and head of Consumer and Retail Corporate Banking at Wells Fargo. Additionally, her past positions include leading retail finance originations for Wells Fargo Capital Finance. Over the course of her career, Marks has led diverse teams and managed a broad portfolio of clients—from healthy to distressed, and from startup to large cap and investment grade. She has been heavily involved in multiple M&A transactions, as well as management issues related to strategy-setting, compliance and regulatory reporting, recruiting and retention, and DE&I.

Michael P. Muldowney is founder and managing member of advisory firm Foxford Capital LLC and managing member of Waterville Investment Partners. As senior managing director and CFO of Gordon Brothers Group from 2014 to 2018, he served on the four-person executive and investments committee, oversaw the appraisal division, and worked with all business units on initiatives related to finance, corporate strategy, human capital, IT, and facilities. Muldowney led the successful investment in the company by Stone Point Capital in April 2018. He serves on the board of Veritiv Corporation and is a board advisor to Botho Emerging Markets Group. Muldowney was EVP/CFO and interim CEO of Houghton Mifflin Harcourt (formerly Houghton Mifflin), where he led the company’s $4 billion acquisition of Harcourt as well as a successful $7.4 billion out-of-court restructuring. He ran and helped found Nextera Enterprises, and, earlier in his career, filled partner and/or executive roles at Oliver Wyman and Marsh & McLennan Companies.

Daniel R. Schwarzwalder is a retired senior managing director and senior partner, having spent over twenty years at Buckingham Capital Management. Mr. Schwarzwalder was responsible for the consumer hedge fund specializing in the retail, apparel and footwear industry.

He also brings to Tiger more than 26 years of retail industry experience. He was a senior merchant and member of management at Abraham & Straus, a division of Federated Department Stores. In addition, he served as President and CEO of Mothercare Stores Inc. and Chernin’s Shoes. Schwarzwalder earned a B.A. in mathematics from Queens College of the City University of New York as well as an M.B.A. in marketing from The Wharton Graduate School of the University of Pennsylvania.

He serves on the boards of the Retail Marketing Society and Wharton’s Jay H. Baker Retailing Center. In addition, he is a member of the executive board of The Weill Cornell Council of New York Presbyterian Hospital and on the national board of American Friends of Magen David Adom (AFMDA).

Moving forward, McGrail noted, Tiger will continue to grow its Advisory Board by tapping experienced, successful veterans from the worlds of law, banking/ABL, retail, wholesale, PE/hedge funds and turnaround/restructuring.

“We’re looking for diversity of thought and experience based on board members’ varied careers and lifelong network relationships,” the COO said. “For Tiger, this powerful brain trust is just another way for us to maximize our performance and pursue new opportunities in everything we do.”

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Chris Masto, CURO’s Chairman, said, “Over the past several years, CURO has undergone a complete strategic repositioning, including the sale of our legacy U.S. direct lending business and a shift toward longer term, higher balance and lower rate credit products through multiple acquisitions. We thank Don for navigating our long-term transformation plan to position CURO as a leader in consumer finance in North America, and for his many contributions and dedicated leadership for over a decade.

“As we focus on the continued integration of our brands and execution of our business plan, we are pleased Doug will be leading our talented team through CURO’s next phase of growth. Doug is a seasoned operator with deep knowledge of our core business lines and a track record of operational success. We are highly confident in Doug’s ability to lead CURO into the future and drive long-term shareholder value.”

Mr. Clark said, “I am honored to become CEO of CURO at an important inflection point for the business and am grateful for our Board’s support. I am committed to maximizing the value of CURO’s omni-channel consumer lending platform, underwriting, and analytics expertise.”

Mr. Gayhardt added, “I am proud of what we have accomplished at CURO during my 11 years. CURO is well positioned for continued growth and now is the right time to have Doug lead the business through the next critical phase of execution. I wish Doug and all my CURO colleagues well.”

Mr. Clark has more than 18 years of experience developing leadership teams, successfully integrating companies, and leading new growth strategies in consumer finance. Prior to joining Heights Finance, Mr. Clark served as President, Chief Executive Officer and Chief Operating Officer of Axcess Financial, a consumer lending business with retail and eCommerce operations in the U.S and U.K. He previously served as Vice President of North American Operations for Chiquita Brands International.

Mr. Clark earned a BSBA in Finance from the Williams College of Business at Xavier University.

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A10 Capital is a primary and special servicer specializing in originating and servicing commercial real estate loans, such as direct bridge loans with complex funding structures and long-term permanent loans. A10 adopted SS&C’s Precision LM as its direct lending, loan servicing and asset management platform to address unique business needs and improve the borrower experience. The commercial real estate lender is currently underway with SS&C’s robust implementation process, which focuses on maintaining existing client day-to-day business flows while maximizing returns and streamlining business processes.

“SS&C has demonstrated its commitment to A10 by providing implementation expertise to integrate its leading Precision LM solution,” said Jamie Berenger, Chief Operating and Credit Officer of A10 Capital. “Innovative technology is paramount for A10 to provide the best service to our borrowers with easy-to-navigate portals and enhanced workflow efficiencies.”

SS&C Precision LM’s loan management platform provides an all-in-one, integrated origination, servicing and asset management, investor accounting and reporting, and borrower self-service for complete loan lifecycle management.

“SS&C is thrilled to have A10 Capital in our growing list of valued clients. We are committed to delivering for all clients from the moment of initial contact through the entirety of the partnership,” said Stan Szczepanik, Vice President of SS&C Technologies. “As an independent technology company focused on innovation, SS&C understands our client’s unique challenges and provides a tailored solution with Precision LM.”

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Building on the momentum of a $50-million Series D-1 capital raise and recognition as a fintech unicorn with a valuation of $1.1 billion, the company is also unlocking new distribution channels for its platform. The company launched a new loan participation platform that will enable lending partners to optimize their balance sheets and is building its Lending-as-a-Service (LaaS) offerings for financial institutions and brands looking to embed finance products and open up new business lines.

“We’re honored that Happy Money has earned a spot on CB Insights’ Fintech 250 list. This accomplishment validates our mission of developing affordable, accessible financial products and services that help people use money as a tool for their happiness,” said Jeff Winner, CEO of Happy Money. “Our team’s dedication to advancing a happier way of providing credit has resulted in strong growth for Happy Money and our ecosystem of community-focused lending partners as well as positive effects in the lives of our members. We will continue innovating and expanding our tech platform’s reach across verticals and business lines as we realize our vision for transforming the lending industry.”

Happy Money was selected as a Fintech 250 winner from over 12,500 private companies, including applicants and nominees. Winners were chosen from a research team utilizing the CB Insights platform,  based on factors including R&D activity, proprietary Mosaic scores, market potential, business relationships, investor profile, news segment analysis, competitive landscape, team strength and tech novelty.

“This year’s Fintech 250 winners are shaping the future of financial services, from payments and banking to investing and insurance,” said Brian Lee, SVP of CB Insights’ Intelligence Unit. “Representing more than 30 countries, these companies are creating safer and more efficient payment methods, and transforming how traditional banking, insurance and investing products are delivered. Together, they not only make financial services more convenient for users, but also make them available to more people, especially traditionally underserved populations around the globe.”

“Consumers are looking for a happier lending experience – one that makes them and their communities better off,” said Winner. “We have helped more than 225,000 members pay off over $4.1 million in credit card debt since our inception. We remain committed to building products and services that serve the best interests of consumers while also delivering results to our partners.”

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The research, published as the Galileo Embedded Finance Report, highlights the inherent need for U.S. businesses to offer embedded finance solutions to better enable payments, payroll, credit and lending, insurance, banking and other financial services across the B2B industry. Among the 63% of businesses who use embedded finance today, the majority (78%) work with two or more providers to enable their solution, with fintechs being the top preferred provider.

“The dramatic rise in the adoption of digital payments among both consumers and businesses has enabled people and businesses to do more with technology than ever before—paving the way for enormous growth for embedded financial services,” said Seth McGuire, CRO of Galileo Financial Technologies. “The market has evolved at lighting speed and this new research confirms that forward-thinking B2B executives are embracing embedded finance solutions as a key part of their growth strategies.”

The survey of 450 C-level executives in B2B businesses across the U.S. asked business leaders about their attitudes towards embedded finance, what types of financial services they currently or want to offer, how many providers they use, who they prefer as their embedded finance partner and what value embedded finance solutions provide to their clients. Key findings include:

• 85% of B2B businesses are familiar with the concept of embedded finance
• 65% of those not currently offering an embedded finance solution are now considering offering one
• 68% would prefer to offer embedded finance services from a non-bank provider
• Payments, employee/employer services and credit and lending solutions are the top three use cases in market today

“Customer retention, a major pain point for businesses, can be significantly enhanced through embedded finance tools. This is a critical differentiator that businesses must leverage, or they will be left behind,” said Nick Maynard, study author and Head of Research at Juniper Research. “As the demand for digital services continues to grow rapidly, there is significant market opportunity for businesses who go to market in an efficient, scalable manner.”

The Galileo Embedded Finance Report also explores why businesses are gravitating toward embedded finance, the newest use cases for U.S. B2B embedded finance and how the B2B embedded finance market is catching up with B2C offerings. Use cases include offering third-party payment options such as fixed-rate installment loans or Buy Now, Pay Later (BNPL) options.

To learn more, Juniper Payments Research Head Nick Maynard will be hosting a webinar around the survey findings on Tuesday, October 4, 2022 at 11:00 MT / 1:00 PM ET. Register here to learn more.

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Delivered through an interactive dashboard, clients can apply ESG scores based on third-party data across their lendable portfolio, collateral and cash investments to help them evaluate alignment with their individual ESG goals.

As the world’s largest agent lender with access to more than $4.3 trillion in lendable assets*, this new capability represents the first in a series of ESG enhancements BNY Mellon plans to make to its platform.

“Transparency is critical to the evolution of the ESG investing landscape, as well as the management of ESG risks and regulatory compliance,” said Ina Budh-Raja, EMEA Head of Securities Finance Product & Strategy and Global Head of Markets ESG at BNY Mellon. “BNY Mellon is committed to providing clients with next-generation solutions and insights designed to help enable alignment with their ESG goals.”

The new dashboard leverages MSCI ESG Research’s ESG Ratings, assigning scores to securities across three distinct pillars: environmental, social and governance, that can be applied to a client’s non-cash collateral and cash reinvestment, including both outright purchases and repo collateral.

The resulting output allows clients to quickly and easily analyze how their portfolio, the collateral they receive, and the investments they make align to their environmental, social and governance goals and values.

The addition of this Securities Finance enhancement builds upon the previously established ESG tools across the BNY Mellon financing and liquidity ecosystem.

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Digital lending is the management and processing of loans over the internet or via mobile devices. The loan application process is automated swiftly by incorporating advanced technologies like cloud technologies and analytics. Every step in the process, including application, document management, electronic signatures, credit analysis, decision-making, pricing, and ongoing administration, is done using digital technology.

In this article, we have highlighted a few benefits of digital lending. Read on!

What is Digital Lending?

Digital lending is a technology that enables financial institutions to enhance productivity, increase loan earnings, and provide quicker service at the point of sale (POS). It makes the best use of technology while keeping private information hidden. It makes it possible for prospective borrowers to apply for loan products from any internet-enabled device and any location in the world. The platform helps financial institutions raise productivity and loan revenue to provide quicker services. The entire process is digital.

Easy application submission, quick decision-making, comply with lending regulations, and the capacity to continuously enhance workflow effectiveness and portfolio performance are essential for successful lending.

Benefits of Digital Lending

• Increased Efficiency

Using a digital lending platform saves time, enhances productivity, and increases growth opportunities. This platform improves efficiency by eliminating operational obstacles like staff training, IT support, and vendor management.

• Enhanced Security

Paperless processes secure the entire cycle as customers move large amounts of supporting documentation through underwriting. Additionally, they standardize and simplify portfolio administration, bringing much-needed structure to a previously chaotic setting. Online portals provide safe channels of contact for both lenders and borrowers.

• Better Consistency

Bank and credit union executives desire increased uniformity in portfolio management and the loan approval procedure. With integrated data in a single loan origination system, individual lenders and lending divisions within the organization can accomplish this consistency.

• Enhanced Profitability

By reducing time and costs during the origination and portfolio management stages, a bank or credit union becomes more productive and has more room to develop new business. Banks and credit unions may manage expenses and costs depending on the effectiveness of a single lending platform by optimizing technology.

Wrapping Up

Traditional lending systems required physical interactions and human input at each stage, which prolonged the processing time and increased the risk of human errors. The entire loan process can now be automated by banks using digital lending platforms, which enhance the client experience. With this, the financial institution becomes more effective leading to more profits and resources for enhancing customer service or lowering fees and rates. Digital lending helps financial institutions expand their portfolios without hiring more people or taking on more risk. Therefore, those that switch to digital lending will benefit greatly from their business while those who do not will find it difficult to keep up.

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Ally Lending, the personal lending arm of Ally Bank, a subsidiary of Ally Financial Inc. (NYSE: ALLY), now offers its financing on retail payments platform Sezzle. The first integration of its type for Sezzle – select shoppers can now choose to pay over time using Ally’s longer-term, fixed-rate installment loans or Sezzle’s buy-now-pay-later, installment offerings. Ally’s financing extends to purchases up to $40,000 with 3-60-month terms.

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Lendistry CEO, Everett K. Sands, says, “Lendistry is pleased to add these outstanding individuals to our team of rock stars!”

Heading up operations as Lendistry’s new Chief Operations Officer, Scharrell Jackson has over 20 years of experience leading teams to outperform all expectations at firms including Squar Milner and more recently, BPM LLP. Jackson has a well-honed, holistic approach to operations that results in sustainable business practices, scalability, and financial profitability.

Jackson is also Founder and CEO of Leadership in Heels Women Speaker Series, through which she motivates, educates and equips women to see themselves as unapologetic leaders.

Jason Haase has come on board as Lendistry’s new Chief Financial Officer. Haase brings with him expertise in technology and financial services that spans from startups to Fortune 500 companies, with a focus on financial planning and analysis, strategic planning, and team building.

With a dynamic history of roles from Co-Founder, to CFO, to Managing Partner, Haase comes to Lendistry after serving as CFO at ePreop, now part of Provation, where he oversaw all administrative activities and supported considerable company growth.

Before joining Lendistry as its Chief Marketing Officer, Joseph Kerwin spent 18 years in B2B marketing leadership roles at Wells Fargo, in addition to overseeing all aspects of marketing at tech and fintech startups.

An in-depth knowledge of business operations and management strategies gives Kerwin a nuanced approach to communications and brand identity. Kerwin’s creative approach to brand evolution in a high-performing organization is the perfect fit for Lendistry and its nonprofit partner, The Center by Lendistry.

As Lendistry’s new Chief Technology Officer, Karthik Ramaswamy has over 18 years of experience driving the development of high-performance software products. Most recently, Ramaswamy served as VP of Framework Engineering and Digital Banking at American Express, then Chief Architect of Digital Platforms at JP Morgan, where he oversaw the architecture of API and data frameworks at the firm’s Central Investment Bank.

As the only fintech Community Development Financial Institution, Lendistry trusts the growth and evolution of its proprietary technology to Ramaswamy’s self-proclaimed maniacal attention to detail.

This vanguard of accomplished leaders is taking the helm on the Lendistry team in a time of great momentum as Lendistry rises to the challenge of helping locally-owned businesses weather the pandemic.

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