According to the Federal Deposit Insurance Corporation (FDIC), more than 60 million Americans aren’t well-served by today’s traditional banking products. And approximately one-half of the population is living from paycheck to paycheck. Adding to the financial challenges faced by middle class Americans, banks and credit card companies have eliminated $122 billion in available credit since 2009 to consumers with lower credit scores (Jefferies, February 2013).
As a result, millions have turned to non-bank credit solutions such as payday loans and pawn shops. There is a palpable demand for better financial products and today, new players are emerging in the market to meet that demand.
Headquartered in Fort Worth, TX, Elevate develops innovative credit solutions underpinned by advanced technology and analytics capabilities that allow the company to lend more efficiently and weed out fraud. Led by CEO Ken Rees, Elevate’s data-driven approach empowers consumers to meet their immediate financial needs with more responsible credit solutions. Elevate’s suite of groundbreaking credit products include RISE, Sunny and Elastic.
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“Elevate’s goal is to create the most innovative and borrower-friendly online credit products on the market, providing immediate relief to customers today and helping them build a brighter financial future,” said Ken Rees. “We are committed to rewarding borrowers’ good financial behavior with features like lower interest rates, free financial literacy tools, and free credit monitoring – all features our customers really value and benefit from.”
Elevate has differentiated itself in a crowded market place where competitors include traditional banking products like overdraft fees, traditional alternative finance players like payday lenders, and a new breed of alternative players that, like Elevate, are also using technology to disrupt this market.
“The audience Elevate serves is what we call the New Middle Class – mainstream, hardworking Americans who are struggling to get ahead in today’s challenging economy and whose needs aren’t being met by either traditional banking products or the current breed of alternative financial products,” said Rees. “There has been a true paradigm shift in this country with regard to the financial health of our middle class, and by leveraging Big Data analytics, we are working to bring relevant solutions to the market that reflect today’s new reality.”
To maintain its tech-focused edge, Elevate employs a team of 20 data scientists working on a wide variety of initiatives to improve underwriting, prevent fraud and hone the company’s marketing efforts. Elevate’s team of experts employ Big Data techniques to better understand customers beyond the basic information provided in a credit report. Relying on thousands of data points from traditional and alternative sources allows Elevate to develop a more precise picture of the potential borrower and avoid fraudsters, all of which has allowed the company to drive rates down for borrowers over time.
“We are primarily focused on growth as we work to better serve this expanding customer base. We will also continuing to invest in R&D, innovating new and better products and features for our current portfolio both here and in the UK,” concludes Ken.