How Financial Institutions Can Accomplish Digital Transformation

AUSTIN, Aug. 27, 2018 – Validis, a pioneer of data sharing and standardization technology, has published its latest whitepaper, “Accomplishing Digital Transformation With a Robust Data Strategy,” which explores how financial institutions can leverage the power of accounting data and garner the benefits of digitization. The whitepaper further explores the types of data available and those used for SME lending, the value that digitization brings to SME lenders and their customers, and the key challenges lenders face on the digitization journey. Additionally, it focuses on granular accounting data, which is largely underused but an extremely effective source of information for SME lending. With accounting data, financial institutions have access to accurate and insightful data, helping to power lending decisions, drive efficiencies and mitigate risk. Validis’ latest whitepaper also provides insight into today’s key factors motivating SME lenders and shaping the wider industry as a whole, as well as explores the challenges lenders face throughout the digitization process. The prioritization, approval and execution of enhancing data assets is a well-documented challenge, but it is only with recent technological advances that granular accounting data be made fully available.

“Previously overlooked, SMEs are now considered an important factor of the U.S. economy and have become a key focus of the lending market,” said Joel Curry, CEO of Validis. “Accounting data should be the first place to look when evaluating new data sources to support a modern SME lending business. It offers lenders a unique, comprehensive understanding of a clients’ business, and when combined with the power of digitization, it presents the perfect opportunity to offer clients a truly personalized service. We aim to share Validis’ expertise in this whitepaper and show the truly astounding power that accounting data can have – when utilized correctly.”

Download the whitepaper.

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