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The company’s competitive advantage lies in its ability to leverage data, proprietary machine learning algorithms, and agile cloud infrastructure to make better credit and underwriting decisions than traditional banks. This multi-cloud strategy allows WeLab Bank to be more agile, improve speed to market, and lower operating costs.
A survey by Accenture on underwriting employees found that up to 40% of underwriters’ time is spent on non-core and administrative activities. Moreover, AI contributes to effective disasterrecovery planning by monitoring data backups and facilitating swift recovery processes.
PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. PayFacs also handle risk assessment, underwriting, settling of funds, compliance, and chargebacks. Think of them as service providers that rent their master merchant accounts to their clients.
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