Every year, the Callahan Innovations Series, presented by CreditUnions.com, recognizes companies that are helping credit unions take member service and technology to the next level. This year, innovations will be spotlighted in three categories – Mobile, Lending and Member Experience. Selected companies have shown a true commitment to transforming the credit union industry – and in JUDI.AI’s case – we do that one small business loan at a time.
According to the US Small Business Administration, there are 31.7 million small businesses in the US. From 2000 to 2019, these small businesses created 10.5 million net new jobs – that is 65% of net new jobs in the US. Many of these businesses have struggled as the pandemic has depleted sales and drained cash reserves. According to the U.S. Census Bureau Small Business Pulse Survey , 34.2% of small businesses surveyed through the second week of August 2020 were being financially impacted by the pandemic. Even with the massive infusion of forgiveable loans associated with the Paycheck Protection Program (PPP), there still exists a lot of uncertainty for the small business member, and a significant risk management challenge for the small business lender. But now is not the time to starve small businesses of credit.
In a recent Q&A interview with Marc Rapport, Callahan’s senior writer and researcher, JUDI’s chief product officer, Su Ning Strube, shared her views on what it takes for Credit Unions to lend with less risk and more efficiency. She noted the growing importance of continuous cashflow analysis, especially given the uncertain business climate presented in the past year. There has never been a more important time for credit unions to have ongoing insights into the financial health of their members – and really make the effort to share them. This is a “must do” when it comes to equipping members with the right products and business advice, at the right time, to help their small businesses grow. Some of the key challenges JUDI is actively helping their credit union partners overcome include:
- Digitally transforming the SMB lending process — This includes automating underwriting functions, streamlining cash flow analysis, and continuously monitoring loan portfolio performance.
- Keeping risk low and credit models current — This involves increasing the quality and volume of data points that can be ingested and applying AI algorithms and machine learning models that can easily adapt.
- Managing evolving loan portfolios in real-time — This means instantly analyzing cash flow data, categorizing financial transactions in seconds, automating credit decisioning, and supporting self-service origination processes.
- Providing smart post-lending analytics — This relates to timely touch points and advice designed to help SMBs navigate the current economic environment and help credit unions grow member relationships.
You can read the full interview here.
Don’t forget to REGISTER for the webinar, and VOTE!
The best part about the Callahan Innovation Series is that you get to vote on which innovation should be crowned the 2021 Grand Finalist. So this is what we’d love for you to do next: Sign up for the webinar on Tuesday, February 23rd at 2pm ET and get ready for a fast paced, 10 minute overview of the JUDI.AI technology. Voting will commence right after.
And a big congratulations to all who were nominated in the Lending category this year!