Varo Bank is the first all-digital, nationally-chartered U.S. consumer techbank built from the ground up, designed to make financial inclusion and opportunity a reality for all
RiskExec, Inc. (“RiskExec”), a subsidiary of Asurity Technologies, LLC (“Asurity”), announced its compliance software has been selected by Varo Bank to conduct Fair Lending analytics for its innovative financial products serving Americans living paycheck to paycheck, Varo Advance and Varo Believe.
Varo Bank (www.varomoney.com) is the first all-digital, nationally-chartered U.S. consumer techbank built from the ground up, designed to make financial inclusion and opportunity a reality for all. With its suite of products and services, Varo Bank is reimagining the modern banking experience and providing customers with the tools they need to build financial resilience and realize their financial power.
RiskExec is a SaaS platform that helps lenders of all types — banks, mortgage companies, credit unions, auto finance companies, credit card issuers, and digital lenders — achieve fair lending compliance. RiskExec provides insights and analytics that enable its users to proactively monitor, measure, and manage their progress against regulatory compliance standards as well as their performance against self-defined goals and objectives. This best-in-class solution quickly geocodes, runs edit checks, and utilizes industry recognized methodologies and data analytics to perform fair lending analysis and to review results. Varo Bank will now have ready access to the data required to assess lending dispositions, compare pricing and lending decisions across geographies, census tracts, protected class groups and other relevant characteristics.
“We were pleased to select RiskExec’s market-leading, fair lending solution and are excited to begin using it to support our mission,” said Caryn Becker, Varo Bank’s Fair and Responsible Banking Officer. “With RiskExec’s intuitive and scalable data management platform—and its powerful analytics engine—more hardworking Americans will have access to short- and long-term credit. At Varo we believe in supporting everyday consumers striving to reach their financial goals and creating solutions for all that foster true economic mobility.”
“We at RiskExec are gratified by Varo Bank’s decision to make our technology solutions an integral part of its overall commitment to fair and equitable lending practices,” said Dr. Anurag Agarwal, President, RiskExec. He further stated, “RiskExec’s team of domain experts strives to provide the most up-to-date, robust, and easy to use capabilities, so that our clients have the best information available to inform their critical business judgments. We look forward to a long, mutually beneficial partnership with Varo Bank to further its mission of promoting fair banking access for all.”
Source: Company Press Release