Stay up to date with JUDI.AI’s small business lending blog. Read about emerging technology, tips and trends in the lending industry.
Stay up to date with JUDI.AI’s small business lending blog. Read about emerging technology, tips and trends in the lending industry.
On March 15, JUDI hosted our first CEBA Virtual Roundtable for our Canadian credit union clients, with representatives from 12 credit unions across the country participating. The session offered a unique opportunity for senior executives to collaborate and compare notes, as they seek to refinance a portion of the hundreds or even thousands of CEBA…
VANCOUVER, BC, CANADA, March 14, 2023 — JUDI.AI, a leading SaaS small business lending provider for community lenders, announced today that Integris Credit Union, headquartered in Prince George, BC and serving the communities of Clinton, Quesnel, Vanderhoof, Fort St. James and Fraser Lake, has selected its AI-enabled small business lending platform. With over 2,800 small…
VANCOUVER, BC, CANADA, Wednesday, February 22, 2023 — JUDI.AI, a leading SaaS small business lending provider for community lenders, announced today that Libro Credit Union, the largest credit union in southwestern Ontario, has successfully gone live with its AI-enabled small business lending platform. With $6.8 billion in assets and more than 110,000 member Owners, Libro…
VANCOUVER, BC, CANADA, November 30, 2022 – JUDI.AI, a leading SaaS small business lending platform for community lenders, announced today that six credit unions in Texas have selected JUDI’s AI-enabled platform to streamline lending to local businesses, in partnership with CU Evolution, a Dallas, Texas-based Credit Union Service Organization (CUSO) specializing in business lending. Family…
For lenders, CEBA represents opportunities to acquire and retain small business borrowers, although operational readiness challenges remain. VANCOUVER, October 18, 2022 – Amidst the backdrop of rising inflation and a possible recession on the horizon, the coming “CEBA Tsunami” represents a $15 billion opportunity for community lenders to help get much-needed capital in the hands…
JUDI.AI announced on June 2nd that connectFirst Credit Union had successfully gone live with its AI-enabled small business lending solution. JUDI.AI enables the Calgary-based credit union to grow its Independent Business loan portfolio and automate manual processes. “We want Albertans to bank on a brighter future and we’re investing in the technology and tools to…
With the frenzy that was the Paycheck Protection Program (PPP) now in the rear view mirror, community bankers are turning their attention to planning for the future. Based on JUDI.AI’s insights with community bank and credit union executives, we’re beginning to see an inflection point in the market around small business lending – an inflection…
How does the concept of behavioral scoring apply to SMB lending? This is the last blog of our 3 Part Series – “Ask the Data Science Guru”. The two blogs prior featured musings from the JUDI.AI credit science team, focused on the following questions: “What role does cash flow data play in the future of credit risk?” “What opportunities do AI and machine learning…
What opportunities do AI and machine learning bring to SMB credit risk management? Welcome to Part 2 of our 3 Part Series – “Ask the Data Science Guru”. Our last blog focused on answering the question, “What role does cash flow data play in the future of credit risk?”. Today we asked our credit science team about the opportunities presented by AI and machine learning for SMB credit risk management. Here’s…
Welcome to Part 1 of our 3 – Part “Ask the Data Science Guru” series. A big part of what makes JUDI.AI unique is our credit science expertise. We have a growing team of data scientists, led by our Chief Credit Scientist, Dr. Russell Anderson. These individuals are devoted to helping SMB lending teams “make…
JUDI.AI shares advice with CreditUnions.com – An interview powered by Callahan and Associates. Small and medium businesses (SMBs) play a huge role in keeping the economy alive – but most credit unions currently find themselves under indexed in small business lending. The economic instability caused by the pandemic has made doing business extraordinarily difficult for…
Small business lending fintech finds an innovative way to help build healthy communities VANCOUVER, British Columbia – June 22, 2021 – JUDI.AI, a fintech leader in small business lending and growth analytics, is immensely proud to announce they have pledged 1% of their equity to Vancity Community Foundation. This donation will be made through…
Determining accurate creditworthiness with an SMB-specific credit risk model and cash flow data analysis. This is the last part of a blog series that explores how innovation in small and medium business (SMB) lending can help community banks and credit unions grow their loan portfolios and form deeper, more profitable customer relationships. Previous posts…
The benefits of a cloud-based approach to SMB lending software. In the first blog of this series, we looked at how innovation in small or medium business (SMB) lending helps credit unions and community banks acquire and grow small business relationships. The second blog focused on efficiency gains and the concept of an all-the-time…
Proud to be helping Canadian credit unions facilitate federal COVID-19 loans faster A recent article published by The Edge talks about nine Canadian fintech start-ups that have made an impact during the pandemic. JUDI.AI feels so darn proud to be acknowledged as one of those companies “doing great things”. JUDI.AI has been recognized for our…
Turning the Annual SMB Loan Review Process into an All-the-Time Review Process. In the first blog of this series, we focused on how innovation in SMB lending will help credit unions and community banks acquire and grow small business relationships. Part 2 of this series will focus on the annual loan review process, and how…
Lending to the gig economy doesn’t have to be difficult! In this post you can expect to learn: What is the gig economy? What are the needs of gig economy workers? How you can innovate your lending practices to accommodate the gig economy. Understanding the gig economy Characterized by freelance and short-term contracts, in a…
JUDI.AI is pleased to announce that last week we were named to the “2021 Emerging Rocket” list for the Information and Communications Technology (ICT) sector. We consider it a true honor to be listed in such amazing company. “After much research into the trends driving growth in the information technology sector, it became clear that…
Acquiring and growing small business relationships. These next few blogs are meant to help credit unions and community banks build out an undisputable business case for making innovation in small to medium-sized business (SMB) lending a top 2021 priority. We’ll start by exploring what it takes to acquire and grow SMB relationships – and…
In a previous post, we discussed what is Artificial Intelligence, and how it relates to SMB lending. We honed in on the importance of properly framing your business problem, and avoiding common mistakes such as the “answer in search of a problem”. To summarize, there is not doubt AI is useful to address many well…
Cash flow data derived from bank statements has become an imperative input to SMB lending. In our previous blog, we argued that the use of cash flow data extracted from bank statements has come of age. Why has this happened all of the sudden? It is new AI and machine learning approaches that have made this existing but under-utilized data source more…
The challenges in small business lending are well documented. And they just got a lot bigger. Small business – and related lending – is a huge segment of our economy and credit landscape. But – amounts are small, information is opaque, making the economics challenging and the customer experience prone to disruption. Risk of business…
Artificial Intelligence (AI) is a much talked about phenomenon these days. Our sense is that for most people it is still a fairly abstract or esoteric idea. We thought we would spend some time breaking it down, specifically as it relates to small business lending. Let’s start with a primer Artificial Intelligence is the science…
2020 was a crazy year There is no need to belabor the point with superlatives. However, some usage data from across the JUDI platform is quite interesting: In April 2020, (as the economy was grinding to a halt and small business lending was being nationalised in both Canada and the US), application volumes fell by…
[Vancouver, B.C., Canada – December 3, 2020]: Interior Savings Credit Union (“Interior Savings”), one of Canada’s leading credit unions, announced today that in partnership with JUDI.AI, it has launched a digitally automated lending solution for small business banking members. The JUDI.AI solution enables current and prospective Interior Savings members to easily apply for a small…
On March 27th, the Federal Government announced the $25 billion Canada Emergency Business Account (CEBA), as part of its loan and loan-guarantee program, the Business Credit Availability Program (BCAP), to support small businesses in the era of COVID-19. This announcement left many financial institutions scrambling to produce a solution that would process the influx of online loan applications they were anticipating. With local branches reducing operating hours and staff shifting to home offices, banks and credit unions were…
At JUDI.AI we’ve started to see the immediate effects that COVID-19 is having on the small business community and the demand for access to credit. Small business loan applications have increased by 49% across our Canadian customers compared to previous weeks and we foresee these numbers continuing to trend upwards in the coming weeks. The…
On average, small and medium business (SMB) owners have less than one month of cash buffer[1]. So when a new opportunity comes around to invest in expanding–or additional cashflow is required to sustain the business through a dry spell, SMBs apply for a loan in order to keep the business running. Most small business…
A new article from the Globe and Mail highlights how open banking is working in Britain, noting benefits already observed and one very important lesson learned Canadian lawmakers should take note of. If you want to skip our summary and read the whole article, click here. And, if you don’t subscribe to the Globe and Mail, don’t…
Making an SMB Loan Book Profitable You can grow a profitable SMB loan book quickly and efficiently, but you have to be prepared to change your processes if they aren’t already automated. Expectations around the customer journey are constantly evolving. As a result, consumers now expect instant gratification in the services they receive from…
Picture a world where your staff can spend more time providing a superior customer experience and less time on paperwork. Life in a financial institution with largely manual credit approval processes means that staff spend time bogged down by paperwork and customers experience a slower turnaround time on their application. From pre-qualification, to processing the…
The landscape of lending is changing, and so are the expectations of consumers. Challenge Today’s members expect easily accessible, quick services and they will switch their primary financial institution for access to products online[1]. Vancity knew its members were no exception, so it set out to meet the increasing member demand for omni-channel, accessible, convenient…
This week we’re throwing it back to Q4 2018. Check out JUDI.AI VP of Data Science, Victor Comas, discuss the role data plays in open banking with other industry thought leaders at the 2018 Canadian Lenders Summit. Watch it here. #TBT
Digital transformation has made headline news across many financial publications and the message is always the same: FI’s beware! Embrace digital transformation or risk becoming irrelevant. However, the digital transformation of any financial institution is a BIG job and there are so many FinTechs out there…so where should you begin? At JUDI.AI we equate your…
Adjudication vs. origination: what’s the difference? This week we’re going all the way back to the basics. At a high level, origination is gathering information, while adjudication is the judgement made based on the information gathered. When we refer to loan origination, we are speaking to the process of a borrower applying for a loan…