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Open Banking Reporter rolls out business viability modelling service for lenders

Source: Open Banking Reporter

OBR, a data-driven risk management fintech, has teamed up with data science company Profusion and AI-driven platform for infusing analytics everywhere Sisense to launch a new platform to help lenders provide greater support to SMEs.

The platform, called OpenRep, uses Open Banking Data and predictive modelling to provide financial institutions with a much more detailed, near real-time assessment of the viability and future growth of a business. As OpenRep enables lenders to go beyond basic financial performance it will be invaluable help for viable SMEs, which have been hit hard by the Pandemic, to secure funding.

OpenRep provides visibility on a range of factors including a company’s client base by industry and geography, P&L, supply chain, balance sheet, targets and performance, liquidity and cash flow management. Using data science the platform can predict future cash flow, performance and monitor for fraud.

By automating the collection and analysis of data, OpenRep will allow lenders to make more timely decisions, while at the same time reducing their risk. OpenRep uses Sisense’s data visualisation tools to enable all the information on an SME to be presented in a clear and accessible dashboard. Profusion, whose clients include HSBC, first direct and Coty, worked with OBR to integrate Sisense’s platform and build OpenRep’s predictive models.

Eddie Curran, CEO of Open Banking Reporting said. “We are very proud of our flagship product OpenRep. By linking real time financial data with advanced analytics and robotic automation we have developed an early-warning system that can help SME owners and Lenders identify risks and opportunities. As we enter a period of economic uncertainty it is even more important that SMEs and Lenders access not just the most up-to-date data but the tools and technology to turn it into actionable insight.

“OpenRep helps business owners achieve their strategic goals and allows Lenders to provide a more proactive and personalised service.”

Natalie Cramp, CEO of Profusion, said: “Combining the data generated through Open Banking with the power of data science opens the door to a host of potentially game-changing new products and services.

“OpenRep is a brilliant example of how deeper analysis and predictive modelling can help lenders make better and faster decisions. This should really help SMEs because it takes into account their real world, individual circumstances alongside their future potential. With such serious economic volatility, it’s more important than ever that every business gets a fair opportunity when applying for a loan.”

Shelly Landsmann, VP of Cloud Alliances for Sisense, said: “We’re committed to helping businesses of all sizes infuse analytics everywhere, whether that is to drive more personalized value to their customers, optimize their businesses or innovate new products and revenue streams. In the case of OpenRep, banks, not only the large FSIs but the SMEs, can now service existing customers better, identify opps and risk, make better decisions, and then ultimately service more people. It has been exciting teaming up with Profusion and OBR to unlock the value of actionable intelligence.”

OBR, in partnership with Profusion and Sisense, will release OpenRep™ in Q2 of 2021 via a limited pilot scheme with selected Lenders and SMEs.

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