What is consumer-permissioned data (CPD)? And how can credit unions leverage it to bring more automation into their lending operations?
MeasureOne Chief Revenue Officer Yaron Oren stopped by the CUNA News Podcast to answer these questions and more. He explains how MeasureOne, founded in 2015 to focus on student lending, enables automated verification of income and employment, proof of insurance, and access to data in consumers' online accounts.
The biggest challenge credit unions are tackling involve streamlining lending experiences to grow their business and deepen relationships with members, Oren says. "As long as these consumers have some online record showing their earnings, CPD can make that data more readily available in an authoritative, fraud-proof way. They can show proof of income and get more products from credit unions."
Oren tells CUNA Digital Media Specialist Yeekeng Yang how CPD helps credit unions solve inefficient document collection processes, lower costs, improve lending decisions, and expand borrower access to credit.
In this episode:
1:25: An introduction to Yaron Oren and MeasureOne
3:17: Defining consumer-permissioned data (CPD)
4:24: How CPD works
5:52: The three main challenges CPD addresses
6:39: Challenges CPD can help credit unions solve
7:29: Where CPD differs from legacy data solutions
8:32: How CPD helps credit unions serve more consumers
10:03: Credit union cost savings
12:00: How to get started