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APIs Positive Impacts on Small Business Lending
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Over the past few years, the use of financial
data APIs in fintech has completely
revolutionized the small business lending
industry as we know it. Find out how API
technology impacts small business lending.
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Integration
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API allows small business lenders to leverage
their customers' most accurate and real-time data
by integrating with their accounting and other
financial software systems.
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Credit Analysis
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The use of API in fintech provides lenders with
easier access to the most robust financial,
accounting, banking, and cash flow predictive
data. Lenders can then use this to better predict
the financial future of a small business.
Ultimately, this Forward-looking data helps
lenders to better analyze creditworthiness and
exercise greater flexibility.
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Customer Experience
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The use of API allows small business lenders to
better understand their customer's unique
financial needs and provide customized solutions.
These expanded services make it easier for
lenders to meet customer expectations and improve
their experience.
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Risk Management
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Financial data APIs help lenders understand the
risk level of a loan by normalizing data from
several sources. Small business lenders can look
into a borrowers current and future financial
health and determine the ability of an applicant
to repay the principal and interest amount.
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Fraud Prevention
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With the help of AI and ML, API helps small
business lenders mitigate notorious financial
crimes such as money laundering. Moreover, it
aids in analyzing data and creating
probability-based calculations, detecting
suspicious activities before they can cause
adverse damage for any bank and financial service
industry.
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