Pub. 10 2020 Issue 3

21 PUB. 10 2020 ISSUE 3 CHAPTER II. APPLICATION The application process on the Fintech Lender’s webpage is again optimized. What information do we need to know first, save the data, and then have the consumer proceed to the next page? Attract consumers to the amount of money they may apply for at an attractive rate, obtain the name, phone number, email and click next. Once the borrower does not continue the application, he may be contacted and asked if he needs assistance. This technology needs to be optimized and improved to facilitate the progression of the lender. CHAPTER III. UNDERWRITING AND VERIFICATION The Underwriting process is the next step. Underwriting starts with gathering the data required to evaluate risk and to make a sound decision. Engaging the borrower to be attracted to the process and motivated to move to the next step is critical. It is important to simultaneously make the process interesting to the consumer and to verify the details provided on the application are correct. Veri- fication may be completed internally or by an external provider. Examples of fraud prevention analytics measure the time to enter a birthdate, how many times the name has been rewritten, asking the borrower to connect their bank account and additional infor- mation. In addition, complete a review to ensure the borrower is not stacking loans (other Fintech lenders providing loans to the same borrower concurrently.) OnDeck Capital on April 30, 2020 after the IQ numbers announced.