Yodek Services

Banking has evolved drastically over the past decade— from brick-and-mortar banks to sophisticated applications that can address every requirement of a user. This advancement in technology has created unprecedented opportunities for bankers and companies in the financial services realm, presenting them with innovative tools that can address the growing requirements of users.

Indeed, modern financial institutions must constantly stay abreast of emerging market trends and incorporate them into their products to compete with their contemporaries for new clients. The need to remain agile and adapt to changing consumer expectations is a pervasive concern throughout the banking sector, but it is particularly acute for community banks, which have fewer resources and lower staff counts than their bigger counterparts. Additionally, as the availability of technology drives customer demand for more sophisticated banking experiences, community banks across the United States are under pressure to continue operations in the current era of digitalization.

Yodek Services is addressing this dilemma for banking and financial institutions with its portfolio of market-leading compliance, credit risk, fraud detection, and lending products. "We enable banks to seamlessly and cost-effectively address the increasing needs of their customers and the banking sector as a whole," says Daniel Hutto, CEO at Yodek Services. Additionally, the company offers consultancy services to assist clients in ensuring that their operations and services remain compliant with current regulatory requirements and are safeguarded against harmful groups.

Yodek Services' objective is to assist all banks in the United States in making great things happen. The company's products and services have diverged into software-based products and advisory services.
Yodek Services' software suite includes applications for BSA/AML and fraud protection, asset/liability management, lending and credit risk management, and portfolio risk and CECL management. Simultaneously, the company provides advisory services to help clients improve the efficiency of their existing anti-money laundering, change management, credit and lending risk management, and other procedures. "Through our advisory services, we provide sustainable and scalable solutions that help our clients improve their existing workflows and operational efficiencies in detecting potential financial crimes, complying with federal regulations, and maintaining CECLrelated documentation," Hutto adds.

Linda discusses Yodek Services’ primary competencies, including how its lending and credit risk software helps bankers to make data-driven lending decisions and implement a riskbased lending process. The company's lending risk software enables bankers to quickly obtain actionable insights on a loan applicant's risk profile by simply inputting information about the applicant's current and past financial state, including credit data, collateral information, and business profile. Alternatively, Yodek Services’ BSA/AML software finds irregularities in the client's data, including OFAC list scanning.

Yodek Services has also developed an exceptional data enrichment and analytics platform that models standardized individual personality qualities for 260 million US individuals using millions of behavioral data points for each person. It is particularly of use to many insurance carriers as well. These scores compose the empirically developed Five-Factor Model and are subdivided into dozens of statistical sub-facets. "Due to the speed at which our API returns scores with privacy-protected scores, our web platform gives a wealth of information about human motives and actions, making it a valuable tool," says Leola Harden, VP OF ENGG at Yodek Services. "Yodek Services' multi-functional data enables carriers to maximize the value of their existing investments in people, systems, and machine learning/artificial intelligence capabilities." Such capabilities will certainly play a crucial role in pushing the banking sector toward a more technologically agile future.