May 10-11, 2023 | Javits Center, NYC

Fintech Nexus USA 2023 brought the great minds in the fintech industry together for two fast, jam-packed days of conversation and collaboration. Ripples of of recent macroeconomic trends continue to push the focus of today’s fintech ecosystem towards B2B. So, what were the key B2B fintech themes that surfaced this year?

Credit, Fraud, Compliance, Data, AI & More

A melting pot of both established leaders and tech-forward innovators found common ground through the rising needs and trends in the space. The most prevalent topics (and solutions) spanned from lending and credit, fraud prevention and identity management, compliance and regulatory, data aggregation, embedded finance, generative AI, and more.

Big players – Visa, MasterCard, Plaid, BHG Financial, Experian, Equifax, TransUnion, and many others – were booth neighbors to an expansive ecosystem of other lending and credit platforms, fraud prevention and identity management solutions, compliance and regulatory services, data aggregators, embedded finance API technology, and more.

Credit, Fraud, Compliance: All-In-One

CRS was one of those neighbors, bringing our all-in-one credit, fraud, and compliance solution to the 2023 state of fintech. Unique to the industry, CRS brings all credit data and a growing rolodex of alternative data sources under one umbrella. As a CRA (Credit Reporting Agency), we bring something else to the table that not many data providers do (or could, even if they wanted to) – we have a certification from all three credit bureaus to act on their behalf. Yes, you read right, CRS can vet companies, offer guided compliance, and ultimately grant data access to those responsible, compliant companies in need of credit data and more to power financial flows and decisions.

We loved seeing customers and partners thrive in the scene as well – shout outs to Taktile, Oscilar, Persona, and, of course, our long-term, valued partners Equifax, Experian, TransUnion, and LexisNexis.

The Role of Data: Traditional Credit vs. Alternative Data

The conversation about the role of data – both traditional credit and alternative data – is all around us. How can businesses navigate the ever-changing state of accessible data to power their financial flows, pre-qualification processes, lending and underwriting operations, and decisioning engines?

Financial data is ever in flux and more businesses are looking to hybrid models that leverage traditional and alternative data – a broader data set for a growing and diverse customer base. In fact, our CEO & Co-Founder, Stephen Hawkins, spoke on this very topic: “Consumer-Permissioned Data vs. Traditional Data: Which is More Valuable Today?”

Stephen reminded us of the long, rich history that traditional credit data has, enabling sophisticated risk analysis for 200 million consumers. When we turn to consumer-permissioned (alternative) datasets, we step into the wild, wild west. As Misha Esipov, CEO of Nova Credit said: “It’s a nightmare to use,” which is why it’s important to find a partner who knows how to work with the sea of data that lives outside of the traditional credit world.

Of note were mentions of existing data products, like Experian Boost, that merge consumer-permissioned data with traditional credit. Ultimately, there is a limit to traditional credit data, and pairing traditional with the growing set of alternative data options helps lenders and businesses reach a subset of ‘thin file’ consumers  that wouldn’t have been possible to evaluate otherwise.

We’re just scratching the surface, so stay tuned for Stephen’s complete talk to be posted online soon! We’ll update this post when it’s released, so you all can benefit from all the valuable nuggets dropped on this hot and trending topic.

Traditional Credit + Alternative Data, Where Do We Go From Here?

Fintechs big and small, established and startup, are looking for partners who know the ins and outs of the financial data industry, provide fraud and identity products that can cut through the noise, and understand the compliance regulations that run like a strong undercurrent through it all. Fortunately, CRS checks the boxes for all three.

Often times, the best data solution for a business leverages data from multiple sources across various providers, which is exactly why CRS designed a single API that unlocks access to hundreds of data products across bureaus and other providers in one fell swoop. Our agile, tech-forward approach to regulated financial data has proven to save companies time and money, and we’re honored to share this path forward with the Fintech Nexus scene.

For more Fintech Nexus 2023 takeaways, look to this deep-dive analyst note from PitchBook (paywall).

To learn more about how CRS’s all-in-one approach can power and improve financial data-driven flows for your business within 2 weeks, consult with one of our credit experts today.