What does Informed do for Marine Lending?
Marine lenders use Informed to speed up the loan process and reduces bias through Artificial Intelligence (AI) and machine learning technology. This real-time underwriting and funding process raises customer satisfaction scores, which is even more important in a rising interest rate environment.
Reducing Friction in the Marine Lending Process
Lenders leverage AI and machine learning to decision and fund consumer credit applications in real-time with higher accuracy, in a compliant and auditable fashion while vastly reducing any bias and reducing error rates. Real-Time verification of consumer documents improves speed and accuracy. Reducing friction in the marine lending process is important not only to consumers, but also to lenders and dealers. Leading marine dealers and lenders are discovering that they can offer faster, easier, and more secure customer experiences by leveraging their mobile phones.
Marine Lenders Are Shifting Focus to Income Verification Controls
Further improving the experience is the automated validation of marine documents. Everything from the Manufacturer’s Statement of Origin (boat, motor and trailer), proof of vessel insurance, signed purchase order and more can be checked for accuracy against lender’s specific funding rules. And, due to the increase of fraud and collections, marine lenders are focusing on income verification controls. They can verify and authenticate income which mitigates fraud and decreases credit risk. The faster process improves the customer experience and helps lenders increase their capture rate.