From operational efficiencies to new products and services, financial data is proving itself to be transformative for financial institutions and startups alike. Now, new business intelligence and analytics tools have emerged that help organizations leverage consumer and institutional data for insights - which can lead to smarter practices and better decision-making.
As a result, people are starting to put BI and analytics tools to work in new ways. Making loan decisions is one space that is being transformed through the development of innovative new solutions – and that’s exactly what happened at this year’s VandyHacks hackathon. Using MicroStrategy’s BI and analytics tools, combined with Usher, our access management and identity intelligence solution, a group of young coders developed a better way for financial institutions to determine an individual’s loan credibility and streamline the review process.
Recently, hundreds of students from colleges and universities across the country gathered at Vanderbilt University’s Engineering and Science Building for VandyHacks IV, Nashville’s premier hackathon event. Over a 36-hour period, students worked together to bring their ideas to life - supporting a culture of collaboration, innovation, and entrepreneurship.
Among this year’s winners, one used MicroStrategy technologies to essentially create an Uber-esque solution for loan credibility. Seeking to improve the way banks receive updated FICO scores to make loan decisions, the team created Intellectual Credit Repository (ICR) to provide visualizations of a customer’s credit history and then make a prediction on whether the loan should be approved. By connecting MicroStrategy’s API with Amazon Relational Database Service (AWS RDS), the team was able to visualize the credit data with dossiers and then generate iFrames that could be embedded within a web app. Once on the web app, customers were able to authenticate their identity with Usher and receive the ICR predictions.
ICR demonstrates how MicroStrategy technology can be used to make systems more efficient for both businesses and consumers, delivering actionable intelligence when businesses and people need it in a format that makes sense. Part of the ICR team’s prize included the opportunity for an on-site interview with MicroStrategy and suite-seating tickets to an event at Capital One Arena.
Learn more about how to incorporate MicroStrategy’s technology into your own products here.