CRA compliance often requires banks to sift through massive amounts of data, but many are not using these data sets to their full advantage. Geospatial analytics is the key to turning this raw data into actionable insights, enabling banks to make smarter lending decisions and unlock new revenue streams.
Did You Know?
Banks that utilize geospatial data are twice as likely to identify new CRA lending opportunities than those that don’t. A study by the Brookings Institution also found that areas targeted by geospatial-informed CRA strategies experience a 50% higher loan closure rate within 12 months, thanks to the ability to tailor outreach based on precise demographic and geographic data.
Opportunity to Monetize:
PathFinder’s geospatial tools go beyond compliance, helping banks identify underserved areas with the highest potential for loan growth. By focusing your efforts on the most promising areas, your bank can maximize loan approvals while ensuring compliance with the latest CRA rules. This approach not only boosts mortgage lending but also unlocks opportunities in consumer and small business loans.
Monetization Insight: Banks using geospatial analytics report an average increase in revenue of 12% from new loan origination, with further cross-sell opportunities in these communities.