Solutions

Consumer Verifications

Verifying an applicant’s information is a difficult and time consuming task. Making important decisions in loan underwriting and understanding an individual’s ability to pay, requires an accurate picture of that applicant’s total income. 

Best in class solutions run complex ML/AI models to classify and extract information off documents in a matter of seconds. This provides faster decisioning and verification of applicant information, a process that can take hours manually. Informed digitally classifies documents using industry models and extracts data from documents including proof of income, residence, identity, Insurance, SSN, and bank account.

Challenge

Verifying credit applicants is a time consuming, manual, error and  bias prone process made worse by low quality document resolution. Approval delays cause lenders to lose deals while credit applicants wait for loan officers to manually verify credit and other information, often miscalculating income.

Solution

Using Applied Intelligence and Machine Learning, Informed automates the  collection and validation of income, identity, residence, and insurance in  real-time according to your policies. Informed automates over 75% of credit stipulations streamlining processes and providing more transparent,  accurate decisioning data.  

Fund more deals faster, with better customer experiences, and reduce cost  and errors associated with manual data collection and validation. Achieve improved efficiency and accuracy, reduced costs, and improved fraud detection.

Consumer Verifications

The Benefits

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

Approve applicants quickly, providing a better customer experience

Reduce bias and errors stemming from manual verification processes

Reduce costs by up to 50% compared with legacy VOIE solutions

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

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