Data shows that 41% of loan applicants under-state their income while 38% over-state their income. In a tightening economy this becomes more important to consumers and lenders as it impacts access to credit and financing. Better understanding these income discrepancies early in the application process will result in an increase in loan conversions. The earlier a lender has an accurate picture of an applicant’s credit worthiness, the more the bank wins.
During this roundtable we will discuss:
- How to avoid 90% increase in delinquency within the first 60 days due to income being overstated vs a matched income and mitigate fraud claims
- How Financial Institutions are using AI in processing loans, vetting borrowers and targeting credit offers
- Why speed to market is critical in being able to offer an end to end solution in an agile environment, while considering recession planning