Leading UK fintech OakNorth has announced today that PNC Bank is using its newly developed credit framework built in response to Covid-19; their new “COVID Vulnerability Rating” integrates over 130 proprietary sub sector-specific COVID-19 stress scenarios with geographic overlay; PNC is deploying this new technology across its business lending as well as commercial real estate portfolios; Rishi Khosla, co-founder of OakNorth said, “Never has the need for enriched underwriting, credit science and a forward-looking approach been more important in commercial lending than it is right now with the ongoing challenges posed by COVID-19. Instead of a playing for defense…we are working with lenders to enable them to get on the offensive, focusing on growing their business and orchestrating a consistent customer financing strategy.” Finextra
