Client onboarding & monitoring
Codat
Codat allows financial institutions to easily access accurate contributed financial data from their small business customers in real-time. Codat handles the heavy lifting of integrations, leaving providers free to focus on how they can improve their products for their customers. Codat allows SMEs to connect, authorize & synchronize their key financial data sources to banks and Financial & Insurance Institutions for credit origination, onboarding & monitoring.
Investment in digital technology is essential to maintaining a competitive advantage, reducing operational costs and providing faster funding decisions. The COVID period has seen a huge influx of small business loan applications meaning Financial Institutions are under pressure to quickly onboard and serve them. In light of the pandemic, risk models built on past business performance are now redundant and lenders are tasked with discovering new data sources and developing new methods to accurately assess creditworthiness.
Improved Customer Experience
Customers have come to expect a streamlined digital experience and manual uploading of financial data could put off prospects and lead them straight to more progressive competitors. Offer your customers the kind of digital experience they have come to expect.
Faster and smarter underwriting
Outdated tech and manual process’ slows down onboarding, monitoring and decision making, largely due to the inability to easily obtain key financial data due to outdated, error prone, and siloed information sharing. With Codat, approve more loans, more quickly with instant, up to date & complete accounting data.
Standardization
With more and more clients to serve it is difficult to obtain relevant and reliable contributed data from multiple sources and obtain a true picture of a small business’ performance. This makes it increasingly difficult to lend with confidence or to spot a fraudster who may be taking advantage of the pandemic rush. To prevent this, Codat acts as a data processor when building integrations, mapping data in a standard format independent from the accounting software that your customers use.
General information
How it works
Authorization
Codat manages the authorization process and access to connect each data platform.Synchronization
Codat ensures that, on an ongoing basis, data is always up to date.Standardization
Codat maps to a common format across all data sources.
How it looks
Build better-integrated products for your SMB customers
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