Fintech lenders essentially had to reimagine all the underwriting processes that had grown stale at the banks. Fintech lenders had to identify potential liabilities quickly, so they developed rapid anti-fraud measures to spot altered financial documents and other malfeasance. They also had to constantly refine operations at the margins to keep customer acquisition and underwriting costs low. Any failed process could be the one that broke them, which is why the fintechs invested so much in developing these hyper-efficiencies. Although fintechs were born in digital spaces, some of their core components were not initially digitized. For years, processes such as document review required human input. But the commitment of most fintechs to full digitization encouraged new innovations and third party solutions.

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