Quovo launches new products to improve lending value chain at LendIt Fintech USA 2018
Quovo, a data platform that provides connectivity to consumer financial accounts, announced new products this week at LendIt Fintech USA new products equipping lenders with insights to streamline and improve key processes in the lending value chain, adding to Quovo’s ability to assist with origination, funding, and ongoing servicing workflows.
“Quovo has long had clients from across the spectrum of financial services, including some of the country’s largest lenders, and we saw an opportunity to optimize the way our data products work together to provide an improved borrowing experience,” said Niko Karvounis, co-founder and CPO of Quovo. “And with two new products added to the mix—Income + Expense and Balance Estimator—we’ve significantly expanded our ability to help loan originators and servicers.”
Income + Expense analyzes and summarizes recurring and irregular income and expense streams, creating a fuller picture of cash flow in linked accounts. Balance Estimator uses historical cash flows to predict future account balances up to 30 days in advance, giving loan servicers a key perspective on when customers can most effectively meet their payment obligations.
Income + Expense and Balance Estimator provide valuable cash-flow-based insights that can be combined with Quovo’s core data products—such as Aggregation and Authentication—to create end-to-end solutions for lending, from the first loan application to the last servicing event.
“The lending space offers huge upside growth potential for Quovo, so we’re excited to launch products that can be bundled into solutions for lenders and borrowers to more effectively accomplish their goals,” said Quovo co-founder and CEO Lowell Putnam. “We envision our solutions-based strategy, which combines our data products to address specific use cases across financial services, to be the future of our business. We look forward to continuing to develop more integrated products and finding interesting ways to package them together to alleviate pain points in lending and financial services more broadly.”
Like this article? Take a second to support us on Patreon!