Envestnet-Yodlee has developed Envestnet-Yodlee Risk Insight for Pre-Qualification reports designed for lenders and lead generators who want more robust information to pre-qualify a borrower before engaging in full underwriting. Risk Insight infuses data into the lead qualification process, enabling lenders to target the right product to the right customer at the right time.

Lenders looking to generate organic growth must acquire new consumers outside of their existing customer base. Yet, marketing to new leads can be challenging due to the high cost and lack of data. Without knowing something about the individual, lenders often struggle to confirm a consumer's financial condition. Even with a full credit bureau report, it can be impossible to determine if consumers have the ability and intention to pay back a loan Risk Insight was created to fill this gap.

Risk Insight addresses this important early stage in the verification process by providing reports on whether a lead meets the basic criteria for a loan. Lenders can select up to 25 customized attributes, such as income, asset, and expense data, to arrive at a meets, or doesn't meet, decision for leads. By redirecting inappropriate targets early on, lenders save on unnecessary costs for traditional credit reports and authentication products required during the origination process.

"Risk Insight provides a highly cost-effective, simplified report to help lenders make more targeted offers and control risk at the lead level," said Mike Burger, vice president of product management at Envestnet-Yodlee.