Consumer Lending

What does Informed do for Consumer and Personal Lending?

Informed reduces bias in the consumer or personal lending space using Artificial Intelligence (AI) and machine learning technology. A real-time underwriting and funding process greatly improves the experience for full spectrum borrowers, both by improved service levels and reduction in uncertainty they may have faced with previous credit applications. These learnings apply across the lending space and for those segments of consumers, especially in a rising interest rate environment.

Lenders are using AI and machine learning in real-time with higher accuracy

Lenders are using AI and machine learning to decide and fund consumer credit applications in real-time with higher accuracy, in a compliant and auditable fashion while significantly reducing conscious or unconscious bias and reducing error rates. Being able to verify consumer documents in real-time greatly improves speed and accuracy for underwriters.

Faster Process Improves Customer Experience

And, with the prevalence of fraud and collections increasing, banks are shifting focus to income verification controls. Lenders can verify and authenticate income which mitigates fraud and decreases credit risk. The faster process improves the customer experience.

Consumer Lending

The Benefits

Informed makes lenders easier to do business with, resulting in increased market share, improved customer retention and:

Opens new markets due to agility and flexibility

Reduces information technology and operational costs

Developing the real-time risk review of customer data in Informed’s core platform utilizes available on-demand interactive customer contact strategies. This makes operations simpler, faster, and more efficient with better outcomes for lenders and consumers.

As Featured in American Banker