Solutions

Funding Loans

When funding loans, lenders spend countless hours manually verifying loan applicants’ information – specifically, their income (and manually calculating it), residence, employment, and proof of insurance, among other things. In addition to verifying consumer information, there is ample work required to review complete loan packages.

In the case of auto lending and leasing, lenders must review deal jackets and corresponding ancillary product contracts, such as a vehicle service contract, embedded within. On average, eContracts contain 15+ additional trailing docs within a single PDF that are not part of the digital contract verification. AI determines the start and end of each trailing document to segment them properly. OCR does not. One page can contain several documents, like a driver’s license and paystub. AI detects and crops out each document for downstream tasks. OCR does not.

Challenge

Manual processes lead to long funding timelines, resulting in held offerings and contracts-in-transit. This situation causes an undesirable customer experience, high operating expenses for lenders, and in the case of auto lending, dealer dissatisfaction (including a potential lost sale or lease).

Solution

Informed’s Vertical AI is pre-trained to automate tens of thousands of different contract variations, long and complicated paper contracts, and cut-off faxes. For auto lenders, Informed offers 50+ pre-trained auto finance models versus building your own using OCR results. We have context about dealers, contract forms/revisions, and state laws from >65M deal jacket docs. And, Model Governance from 600,000+ machine learning annotations by industry experts for oversight and SLA adherence.

Funding Loans

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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