In conversation with Patrick Reilly, CEO & Co-Founder, Verde International
This time around we are in conversation with Patrick Reilly, CEO & Co-Founder of Verde International.
Could you tell us a little bit about Verde and its creation?
In the late 80s, I began building advanced loan decision systems with big data, from a shareholder’s perspective, for some of the world’s largest FIs. In 2006, we launched Verde to provide lenders of all kinds the very best fintech solutions to source, underwrite and manage loans and help them achieve their financial, social and regulatory goals. Put simply, we equip lenders to make the very most of each lending opportunity and every bit of capital.
Today, many startups are using innovative technologies to create a smarter lend & borrow environment (specially with SME’s), what is differentiating Verde International from them?
Over the past 28 years, we have been responsible for underwriting 1.4 Trillion USD, from prime to underserved, in many markets; and we have been responsible for the financial performance and compliance of those portfolios. We are lenders with deep experience using technology to drive performance. Our underwriting systems are the most advanced and achieve the highest performance in the industry. Equally important, they easily satisfy the most demanding regulatory requirements and interface with nearly all systems.
Could you tell me a bit about your new product, in Beta version as we speak, Verde Core?
Verde is always developing, always advancing. The Verde Core™ banking system is now in full production, with many positive regulatory and user reviews. Currently in beta, we’re building an LOS and decision engine enhancement for inventory and floorplan optimization. By including the borrowers needs and sellers inventory in the decision, it is now possible to upsell or downsell the right car to a consumer, the right tractor to a farmer, the right equipment to a small business. We are also in alpha stage development of camera technology to measure sales traffic, factory utilization, inventory flow and loading dock activity. This will give us measures of business activity and scale when other data may be unavailable or unreliable.
You started Verde International when the word “FinTech” was not a trend, do you consider yourself and Verde co-founder, Jason Daniels, as pioneers?
I’d say we are highly pragmatic innovators, obsessed with exceeding lender, borrower and social objectives. The lenders we serve are pioneers, unsatisfied with “what is” and determined to do far better. We built the first advanced decision systems in the late 80s, we built the first online unsecured lending platform in the late 90s; we built the first Basel Advanced Approach instant underwriting and offer optimization system with account management in the late 00s; and we never stop improving performance. All along the way, we’ve used big data, AI, parallel processing, geospatial analysis and proprietary mathematics to achieve peak performance. Most of the industry’s buzz words came after our products.
It seems like SME’s are the businesses that will see technology change their fate rapidly. In your opinion, are SME’s the one that will profit from this revolution the most?
Verde takes a systematic approach to evolving technology. This creates opportunity for everyone because it drives out cost and increases performance, efficiency, compliance and reliability. The lender, borrower and community all win. It yields better business performance, more jobs, greater inclusion, better lender performance and better capital deployment.
Pat’s multidisciplinary approach to strategic planning and business development is the result of over 20 years of experience in the banking and financial services world. Whether serving as an executive at a multinational corporation—or in an advisory role with a community-based institution—Pat’s expertise in marketing, development, finance, credit policy, economics and advanced decision science has been leveraged to launch many new business ventures, foster growth and turnaround the most difficult situations. Pat earned his MBA & MS Economics from Wright State University in Dayton, Ohio.
Patrick Reilly will be a panelist in the session De-Risking Business Lending Through A.I. at BAI Beacon Atlanta 2017 on October 5th at the Georgia World Congress Center. Take a look at the Agenda and find which other panels and keynotes are of your interest!