Partnership with Credit Union Financial Analytics (CUFA) will drive greater fairness and flexibility in the way Credit Unions lend
Omnio, the Banking as a Service platform Fintech, has announced that its Credit Union business KESHO has partnered with Credit Union Financial Analytics (CUFA), the leading analytics company for managers and trustees of credit unions (CUs). This partnership is a strategic move by Omnio and demonstrates its commitment to the Credit Union sector in the UK and the Republic of Ireland. It provides a substantial upgrade to the analytical tools available to the Credit Union sector through its Curtains platform.
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CUFA Lending Analytics (CLA) specialises in providing software solutions that apply sophisticated but straightforward and proven statistical techniques to quantify the risks and mathematically determine the potential risks and benefits in a consumer loan portfolio.
The partnership will allow the CUFA lending analytics engine to work in conjunction with the popular “Curtains” financial management platform. The overriding benefit of this new partnership is that Credit Unions who access the service will gain advanced knowledge of their business lending across its member base. Credit Unions can then deploy their tools to enable risk-based lending against historic data and member behaviour, enabling growth of the Credit Union whilst assessing its risk portfolio and improving lending availability to new and existing members. As a result, the CUFA/Kesho partnership will provide measured, secure and affordable lending to thousands of Credit Union members.
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CUFA Lending Analytics’ computations are based on the detailed recent history of a loan portfolio, including its unique record of write-offs and post-write-off recoveries. Up to 25 months of this information is extracted directly from the “Curtains” platform or the data warehouse, and the resulting database is updated monthly so that recent experience is reflected in CUFA’s outputs. The CUFA dataset for each lender consists of a comprehensive set of data fields for every loan, as of each month-end for the period maintained.
Commenting about the partnership CUFA Managing Director Ralph Swoboda said, “We’re delighted to form this new partnership with Kesho, which we highly respect as the leading provider of IT solutions to credit unions and other lenders in the UK. We look forward to working with Kesho to provide its clients with our lending risk analytics solution, which is now used by nearly all the leading credit unions in the Republic of Ireland, as well as by credit unions in the UK and US.”
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