Marine Lending

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.

Marine Lending

The Benefits

Informed makes boat dealers easier to do business with, resulting in increased market share, and 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 dealers, lenders, and consumers.

As Featured in American Banker