Berlin-based fintech CrossLend is offering several hundred European lenders access to its purpose-built tools – free of charge. The tools within the CrossLend Data Suite will allow lenders to process, store, and analyse their credit data in a standardised and automated way. Using the CrossLend Data Suite, lenders’ data can be analysed and generated in a format easily accessible to institutional investors, helping lenders meet their specific reporting requirements.
Investors of credit portfolios need up-to-data and easy to understand data
The banking industry, in particular the marketplace lending sector, has taken a hit as a result of the COVID-19 crisis. Despite state-subsidised credit programs, the supply of credit is facing many bottlenecks and hurdles. The uncertain future, including with respect to the duration of the pandemic, poses considerable challenges for lenders when it comes to assessing credit risk. The need for up-to-date data, transparency, and shorter reporting cycles is more important than ever for those investing in credit portfolios.
CrossLend’s contribution to getting through the crisis together
“We are convinced that closer cooperation within the industry will be a key factor in overcoming the current challenges. Everyone will need to contribute in order to get through the crisis together and be ready for future growth. We want to make our contribution by making our tools and experience available”, says Marco Hinz, COO of CrossLend.
With the CrossLend Data Suite lenders can present a clear picture of the loan portfolios at any time to investors
Instead of developing or adapting their own analysis tools to cater to the needs of institutional investors, lenders can now use the functionalities of the CrossLend Data Suite free of charge. The tools available in the current edition offer lenders an easy way to get a clear picture of their loan portfolio at any time. Thanks to the CrossLend Data Suite, lenders can present themselves to investors in a transparent and easily understood way. Felix Bock, Project Lead of the CrossLend Data Suite, emphasises why transparency is so important, noting that “transparency leads to trust.. Trust is the answer to overcoming this crisis together, and ultimately paving the way for growth”.
A standardised reporting system instead of MS Excel sheets in different formats
Many banks and credit marketplaces still prepare their data using Microsoft Excel. What’s more, the data is often distributed in different formats, in different places, and through various systems across different teams. CrossLend Data Suite is the solution to store and manage data centrally and accessibly. CrossLend will be offering no obligation live web sessions throughout November and December to show the full potential of the Data Suite solution.
Lenders will benefit from a standardised reporting system, enabling them to evaluate and present their portfolios to investors in a variety of ways. Anonymised benchmarks are also available, helping lenders to demonstrate their strength in the market.
Key advantages of the CrossLend Data Suite include:
- The conversion of data into a standardised format (developed based on the requirements of institutional investors and relevant regulatory authorities).
- The analysis of the performance of historical credit data.
- The creation of standardised reports are for shareholders and other stakeholders. The requirements of institutional investors are always considered. The different reporting requirements of different stakeholders can be serviced automatically.
- The tracking of credit behaviour in real time.
- Insights into the European credit market enable benchmarks in various asset classes.
- Data is consolidated, managed, and evaluated at a central point.
- Various analyses on portfolios or sections of portfolios can be carried out in real time.
- High transparency toward stakeholders, especially shareholders.
- Lenders save time and money when it comes to their data management and reporting.
Berlin-based fintech CrossLend has approximately 70 employees. The company has developed a digital credit marketplace and has been processing credit data since 2014. Since its inception CrossLend has developed a variety of technologies and industry-wide standards, many of which are specifically oriented toward the needs and objectives of European institutional investors.
Among the shareholders of CrossLend are Mouro Capital (formerly Santander InnoVentures), ABN AMRO Ventures, the Luxembourg Future Fund (European Investment Fund; SNCI), CME Group, Lakestar, Earlybird, Northzone, Promus Ventures, Atlantic Labs and finleap.
Further information on CrossLend DataSuite is available at https://crosslend.com/data-suite/.
Contact for the CrossLend Data Suite:
Felix Kristopher Bock
Phone: +49 30 208 488 138
Phone: +49 30 208 488 100