July 24, 2017
The way in which the data is used differently now than how it was previously used is due to the level of granularity in the data that is now available. You are able to understand different spending or cash flow trends for the individual, Terry McKeown, Practice Manager of Credit Risk at Yodlee, shared with the LTP Team in an enlightening conversation about the way technology startups have changed how financial institutions gather and analyze data to make financial decisions.
Elena Mesropyan: Terry, let's start off with what do you do at Yodlee – your position, experience, etc.
Terry McKeown: I am a Practice Manager of Credit Risk at Yodlee and I finish three years at the firm in August. My role is to support those in the sales organization as well as our Solution Consultants as we speak with our customers to discuss our offerings in credit risk regarding best practices in using our data in credit situations for originations or credit decisions.
My background includes over 20 years in the financial services industry. I have worked at FICO, Ally Bank, and Dun & Bradstreet. In each of those organizations, my role supported either credit risk or banking operations. In my current position, I work with our clients in order to help them get the right product to fit their needs.
Elena: Some estimates suggest that around a third of the United States population is consistently scored within the subprime category. What is the approach for those people, and how do you help them?
Terry: It's a very interesting situation. Yodlee has been aggregating data for individuals for the last 17 years. That’s one of our core competencies. For those individuals that may be in the subprime classification or may not have a lot of "traditional credit " or traditional data that is out there from one of the three credit bureaus, Yodlee is able to gather information from data sources such as a customer’s checking, savings accounts; or investment accounts. The granular level data that is available in these accounts may sh ...