industry challenge
Lenders need accurate and real-time insights to make informed decisions when it comes to borrowers. But collecting the required financial information — from account balances to alternative credit data — to assess a borrower's credit risk and ability to repay a loan is time consuming.
At the same time, borrowers want an easy, fast, and seamless loan application process or they’re likely to take a loan from another provider.
MX Solution
MX gives lenders additional sources of information on borrowers’ financial behavior that go beyond the traditional credit score, helping them create more competitive and relevant offers while minimizing risk and increasing loan completion.
Customers Who Use MX for Lending
MX in the Lending Journey
Identify low-risk borrower pools and send targeted offers
Collect information needed for credit decisioning and origination
Connect accounts to distribute and collect funds
Increase ability to repay loans by building customers’ financial strength
Smarter Lending Decisions. Simpler Loan Application Process
Utilize financial behavioral data to identify low-risk borrowers
Go beyond credit scores, cash flow, and financial ratios. We’ll help you access alternative credit data such as borrowers’ checking, saving, loan, and brokerage accounts, so you can create targeted offers that increase conversion.
Connect to the data you need for a holistic view into customer finances
Gain access to PDF bank statements, account balances, loan payments, income receipts, extended transaction history, and more with categorized, cleansed, and actionable financial data. MX uses AI and machine learning to translate unclear transactions with industry-leading categorization coverage up to 98% and categorization accuracy up to 95% — meaning income estimates will meet your accuracy standards and give you confidence in credit decisions.
Connect accounts to fund loans and set up repayment
Help borrowers easily connect their financial accounts, reducing friction in the funding and repayment process, giving you and your borrowers a simple way to set up payments by quickly connecting accounts — all while decreasing risk and reducing NSF fees.
Increase borrowers’ ability to repay loans withfinancial wellness tools
Give borrowers access to financial wellness tools that will help them stay on track with their finances and make them more likely to pay back loans. Our machine-learning tools range from budgeting and tracking to personalized recommendations for real-time insights and money management.
Ready to Go?
Explore how MX can help you get the most from financial data and build better money experiences for consumers. Contact us to request a demo or get started.
