PURCHASE, N.Y.—Mastercard reported that it has added advanced analytics to its open banking platform delivered by its subsidiary, Finicity.
“These analytics can help lenders manage their risk profiles while also adding diverse and inclusive credit models for small business loans as well as ongoing monitoring and expansion of credit card lines,” Mastercard said.
“Small businesses are increasingly looking for greater choice in how they borrow, pay and manage their finances,” said Jess Turner, Mastercard’s EVP for global open banking and API. “Open banking provides lenders the owner-permissioned data and advanced analytics they need to offer more choice in financial services to small businesses, which are the backbone of the American economy.”
Small Biz Owners Seeking Choice
According to Mastercard’s Rise of Open Banking Small Business Report, 85% of small business owners are looking for more choices that deliver faster and easier access to capital. And, according to the Federal Reserve bank’s Small Business Credit Survey, the share of small business applicants receiving all the traditional funding they sought fell from 51% in 2019 to 36% in 2020 to 30% in 2021.
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