Too Long; Didn't Read
Tech-first SMB lenders are leveraging the power of alternative data to close the finance gap. Alternative data - financial information that comes from multiple extra sources - is used by lenders to build a much more accurate depiction of a business’ overall position. Data can be extracted from credit card and POS transactions, website and mobile device data, Internet of Things sensors, product reviews, social media, utilities, traffic patterns, and even satellite imagery. 34% of US lenders are now using alternative data to evaluate both prime and nonprime borrowers.