Consumer Lending

How Informed helps Consumer and Personal Lenders

Informed’s document AI enables consumer lenders to board more loans faster, and reduce fraud and risk. Combining OCR, AI, a data consortium and document intelligence, Informed automates the personal lending funding process. And, the copilot “rides along” with loan officers helping speed up the  process and handle any required manual reviews.

Lenders use Informed’s knowledge graph, AI and machine learning to decide and fund consumer credit applications in real-time with higher accuracy. Real time verification of consumer documents improves speed and accuracy, reducing error rates.

Informed also reduces bias in the consumer or personal lending space. 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. 

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

Lenders leverage AI and machine learning to 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 and are looking at paystubs and bank statements early on in the process. 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

Speeds time needed to service loans and higher revenues

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.

New: American Banker - Sharing information = best defense against AI fraud