AI and Convergence in Banking and FinTech

Abstract: Biz2Credit is a leading small business credit marketplace that works with banks and non-banks; over the last year and a half the company has delved deeper into how artificial intelligence and data can help in small business lending and support the 5,000 loan applications Biz2Credit sees a month. The company has found that when businesses provide Biz2Credit access to their data, that giving them something in return such as benchmarking or a cash flow analysis can be very beneficial when it comes to the stickiness of the customer. Increasingly, machine learning can be predictive of repayment behavior including voice analytics, application information and Biz2Credit’s digital site. Machine learning has many powerful applications for enhancing quality of credit decisions. Digital Site visits and other data including voice analytics based on CSR interactions, application data (such as intended use of funds), and behavioral data (time to complete application, amount requested, etc.) can be incorporated into a scorecard that results in improved assessments and risk-based pricing.

Bio: Rohit Arora, CEO of Biz2Credit, is one of America's top experts in small business lending and the use of FinTech to streamline the funding process. In 2011, he was named New York City's “Top Entrepreneur” by Crain’s New York Business, which named Biz2Credit among NYC’s “Fast 50” of 2014 and 2016. He meets regularly with top executives from the Federal Reserve and the Small Business Administration (SBA) and has updated the President's Council of Economic Advisors at The White House on matters related to small business lending.  

Since its inception in 2007, Biz2Credit has arranged more than $1.7 billion in funding and has over 200,000 registered small and mid-sized company clients. The platform handles more than 5,000 new loan applications each month, on average.

Rohit is a frequently quoted source on banking and technology trends, the emergence of institutional investors in small business finance, convergence in payments and funding companies, and other topics. He is often quoted by The Wall St. Journal, CNBC, Fox Business, Washington Post, NY Times, Bloomberg, Fortune, American Banker, and others. He is also a columnist writing about small business matters for Forbes, Inc., and the New York Daily News.



Rohit oversees the widely reported Biz2Credit Small Business Lending Index, a monthly report that analyzes loan approval rates, as well as the Top 25 Small Business Cities in America, the Biz2Credit Latino Lending Report, and an annual Women in Small Business Study.

Previously, Rohit worked for Deloitte Consulting, Goldman Sachs, and Silkroute, a Singapore-based private equity fund. He holds a Master's Degree in International Finance from Columbia University and co-authored Beyond Cost Reduction: The Risks and Rewards of Global Service Sourcing, a report funded by the Alfred Sloan Foundation and the Chazen Institute of International Business.

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