“Prism Data is the next great step in furthering Petal’s original mission to democratize access to credit, now by empowering other organizations to serve more customers, build better products, and make smarter decisions." – Petal and Prism CEO Jason Gross
NEW YORK (PRWEB) April 27, 2021
Petal, a new kind of credit card company created to help people build credit and spend responsibly, today announced the launch of its first B2B enterprise product, Prism Data, to make Petal’s next-generation transaction intelligence platform—and unique cash flow based underwriting technology—available to the broader market for the first time, via a simple, lightning-quick API.
Prism Data takes in raw, consumer-permissioned bank account transactional data from financial providers and transforms it into useful information those providers can rely on, giving them greater insight into credit risk, identity, financial status, and more. WebBank is Prism Data’s first client with the Petal Card program, and has used this approach and platform to facilitate access to millions of dollars of credit to underserved consumers, even allowing Petal to reliably operate through the pandemic.
Prism Data is founded on the belief that open banking, and access to consumer-permissioned bank account transactional data, will change the way consumer finance works—in credit, payments, banking, insurance, real estate, financial advising, and more. With this change, the credit score of the future will be a complete, real-time and holistic assessment of a consumer's financial position, including their income, cash flows, and assets, in addition to debt and repayment history. Prism Data exists to give financial providers the tools they need to create the next generation products and capabilities.
“We believe financial providers need actionable insights—not raw data—to create bold new solutions,” said Jason Gross, Petal and Prism CEO and co-founder. “Prism Data is the next great step in furthering Petal’s original mission to democratize access to credit, now by empowering other organizations to serve more customers, build better products, and make smarter decisions. The technology and models Petal has used to transform banking history into credit history for thin-file/no-file and non-prime borrowers will now be available to the broader market. We call it Prism Data because, just like light passing through a prism, we take raw, unfiltered transaction information—which is not useful or suitable for higher level decision-making—and organize it into a clear spectrum of sophisticated, powerful financial insights. We’re excited to help our partners solve big problems and fuel the next generation of financial services innovation.”
Financial transaction data, or ‘banking history,’ is a disorderly and complicated mess: it’s inconsistent, mislabeled, and miscategorized, ultimately obscuring the financial realities the data can reveal. This messy data is nearly impossible to use for sophisticated analyses without significant work—and that was just the beginning. Petal spent years in-market developing and improving the intelligence, features, and predictive models necessary to use this information for complex decision-making.
Prism Data provides advantages in underwriting, income verification, personal financial management, financial advising, fraud mitigation, tenant screening, and more, launching with four products to match this diversity of use-cases: Categories, Income, Insights, and alternative credit scoring, via CashScore by Prism Data.
The CashScore incorporates all of Petal’s learnings about consumer cash flow underwriting, transforming banking history provided by a client or consumer into an accurate assessment of consumer credit risk. No traditional credit history is necessary, which allows Prism Data to provide scores for thin-file and credit invisible consumers left out of the mainstream system. The CashScore utilizes thousands of data points to assess risk, and runs on information that is up-to-date and nearly real-time. Importantly, it’s provided in a manner that is transparent to the consumer and compliant with consumer finance laws. This revolutionary new approach to credit risk assessment has the potential to make the credit system far more inclusive, more resilient, and more accurate in making credit risk assessments.
To accelerate this vision, Petal has recently added Brian Duke in the newly created position of VP of Data Science collaborating across Petal and Prism Data, and reporting into Petal Chief Risk Officer, Manik Chawla. Brian was most recently Senior Director of Fraud Analytics at Experian, and has extensive experience building the most sophisticated fraud and credit models in the industry with Accenture, SAS, FICO, and Capital One, among other organizations.
Read more about the creation of Prism Data in this Medium post penned by Prism Data CEO Jason Gross.
About Prism Data
Prism Data is a next-generation transaction intelligence platform that helps businesses serve more customers, build better products, and make smarter decisions. Prism Data takes raw transaction data from financial providers and transforms it into actionable insights to better understand a consumer’s credit risk, identity, income and more. Prism Data provides advantages in a variety of contexts including payments, lending, insurance, personal financial management, fraud mitigation, and real estate. Prism Data has four products to match this diversity of use-cases: Categorization, Income, Insights, and alternative credit scoring, via the “CashScore, by Prism Data.” Prism Data is the sister company of Petal and is located in New York, NY.
Petal is a new kind of credit card company founded to help people financially succeed (http://www.petalcard.com). Petal utilizes the CashScore to make credit more accessible, especially for people just starting out with credit. Petal offers a simple, modern digital experience that encourages members to build credit, avoid debt, and spend responsibly. Petal is located in New York, NY, and Richmond, VA. Petal credit cards are issued by WebBank, Member FDIC.