Conductiv Selected for ICBA ThinkTECH Accelerator Program
Fintech to join sixth cohort to further develop automation and lending solutions for community banks
NEW YORK, Dec. 11, 2023 Conductiv, a lending automation and AI platform provider, announced today its selection to the Independent Community Bankers of America's (ICBA) ThinkTECH Accelerator program, which kicks off January 8, 2024, in Atlanta, GA.
The sixth cohort selected for ICBA's ThinkTECH Accelerator program was hand-picked for its community bank-focused offerings primed to support critical community bank needs, including analytics, automation, and compliance. This is the first of two planned accelerator programs for 2024 as part of ICBA's shift to year-round programing and increased investment in ThinkTECH initiatives to foster continuous development and advancement of community bank innovation.
Conductiv automates manual data collection and goes beyond FICO practices to collect missing lending and loan servicing data, incorporating it into a community bank's current underwriting and lending processes. Conductiv finds patterns in this data and helps lenders augment existing lending models to increase loan volumes without increasing risk.
Conductiv has helped financial institutions increase approval rates, application completion rates, and underwriting efficiencies — without the need for additional IT or dedicated project management resources.
Since its inception, the ICBA ThinkTECH Accelerator has connected the most innovative fintech companies with more than 1,400 community bankers and industry leaders — identifying and designing workable solutions that solve today's modern banking needs. Participants receive mentorship from a distinguished network of industry stakeholders through an immersive 10-week bootcamp and present their refined offerings to community bank executives during a demo at ICBA LIVE 2024 in Orlando.
"As a fintech dedicated to helping community banks compete and thrive, we are thrilled to participate in the ICBA ThinkTECH accelerator, a vital source of community banking innovation since 2019," said Conductiv CEO Gopal Swamy. "Conductiv helps community banks increase deposit volumes and loan approval rates by providing missing income, cash flow, tax, and other permissioned data, employing data science and AI to transform the data so it's easy to understand and use."
"We are very pleased to have Conductiv join us as a member of our latest ThinkTECH accelerator cohort," ICBA Executive Vice President and Chief Innovation Officer, Charles Potts said. "As the number of non-traditional and thin-file credit applicants continue to grow, community banks need alternative data solutions that can help them find and approve borrowers to grow their loan portfolios without growing their risk exposure."
Conductiv, a New York based company, digitizes lending operations, increases loan approval rates, and provides AI-driven lending insights by pioneering financial technology. This platform connects lenders to thousands of checking accounts, income, identity, and other permissioned data points via a single, future-proof API. The Conductiv solution makes it easy for lenders to digest and use this data, resulting in administrative efficiencies and a better consumer experience. Less work. More loans.
The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. ICBA powers the potential of the nation's community banks through effective advocacy, education, and innovation. As local and trusted sources of credit, America's community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers' financial goals and dreams. For more information, visit ICBA's website at icba.org.