The latest VALID news and insights.
Did you know ~20-25% of the checking accounts overdrafts? The financial industry is witnessing a transformation in the way overdraft facilities operate. 60% of the Americans have no or less than $1000 of savings in their bank account1. This whitepaper explores the integration of small dollar loans with overdraft services, aiming to provide financial institutions and consumers with a more inclusive, transparent, and sustainable solution.
As financial transactions undergo a transformative shift with the rise of emerging technologies, the assumption that traditional checks are declining has been challenged by a noticeable surge in check fraud.
In this paper we will cover factors contributing to AI biases, best practices when engineering fair and responsible models, and VALID’s own monitoring study demonstrating model risk performance across income and demographic data.
While traditional methods like image analysis, account status, and consortium data have been utilized for detecting fraudulent activities, behavioral analytics is emerging as a superior approach with a host of benefits that can add tremendous value.
Unleashing the Power of Checks in the Modern Era of Digital Payments
Innovation of small dollar lending loans using alternative bank data powered by sophisticated machine learning models could be a game changer which can revolutionize the lending industry. By enabling financial data access and delivering intelligent insights, we can empower borrowers to unlock the potential of their own financial data to improve their financial health. The digital data spine can help build those neural connections across lenders which can help the borrowers to meet financial stability and have a faster way to access credit at the time of need.