INDUSTRY WATCH

Customer-permissioned data sharing makes credit more dynamic , transparent and accessible .

SOLO identifies the path to any financial product or outcome , fostering open dialogue and collaboration between banks and customers and turning underwriting into an ongoing , proactive and transparent system .

Developed alongside BankTech Ventures ’ network of community banks , SOLO ’ s platform enables secure , streamlined data collection and activation , empowering banks to make more efficient and proactive underwriting decisions .

“ SOLO ’ s unique ability to address the present needs of banks and their customers , while still building for the future , is what sets them apart ,” said Carey Ransom , Managing Director , BankTech Ventures .

SOLO developed its data ingestion platform to streamline financing timelines with frictionless applications , data collection powered by consumer permissioned account integrations , on-demand decisioning , continuous 360-degree underwriting capabilities and proactive product matching without requiring multiple application rounds .

By creating a “ record of truth ” for each consumer , SOLO allows users to own their credit data , while banks query the data they need in real time , optimizing both efficiency and customer experience . The result is a shared language of credit , eliminating the back and forth between customer and banker to put all parties on the same page at first introduction .

“ Our mission is to foster collaboration and trust across the financial ecosystem , turning data-sharing and data collection from a tedious task into a reusable asset that establishes instant credibility to open doors ,” said Georgina Merhom , Founder , SOLO .

“ This investment signals a shift in how banks become more efficient and scalable in their lending , particularly for banks adapting to new standards of data governance within digital lending .”

Underwriting is a historically manual and costly process at many banks , providing a static , one-time snapshot of a consumer ’ s or small business ’ creditworthiness . Both expensive for banks and frustrating for customers , current processes make it difficult for banks to offer competitive products and clearly outline the steps a consumer may take to achieve a financial goal or product qualification .

SOLO is currently undergoing FCRA compliance , with plans to operate as a Credit Reporting Agency by early 2025 .

By offering a “ collaborative credit bureau ” model , SOLO aligns with the Consumer Financial Protection Bureau ’ s ( CFPB ) mission to advance open banking with the newly published 1033 rule .

SOLO transforms credit scoring from static to a dynamic , context-aware evaluation system , enabling users to engage various stakeholders in building a more comprehensive credit profile . p

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