Informed.IQ, a developer of AI-based software that verifies, streamlines and optimizes loan processing, announced today it recently commissioned an industry-wide survey of auto finance executives to i...
Deal Jacket Errors Without AI & Automation Still Cost Lenders Millions; Many C-Suite Executives Still Trying To Understand AI Benefits
SAN FRANCISCO: Informed.IQ, a developer of AI-based software that verifies, streamlines and optimizes loan processing, announced today it recently commissioned an industry-wide survey of auto finance executives to identify the key areas where they are leveraging Artificial Intelligence (AI) and automation into their workflows and processes, taking their pulse on different areas where compliance issues are affecting them most, as well as the overall challenges they face in implementing automation.
The online survey was presented to more than 2,500 auto finance leaders during January, and as a whole, the majority of respondents said GAP refunds (25.3%), regulatory compliance (22%), delinquencies (21%), and fair lending (21%) were the topics most concerning to them entering 2024. Nearly half of respondents (44%) said they haven’t incorporated AI into their lending because their C-Suite still hasn’t fully bought into the idea, and another 30% said they still aren’t operating in a fully digital environment.
Key trends in deal jackets and loan defects
Building more automation into the lending process
Lenders understand it is imperative to seek ways to build more efficiencies that streamline the lending processes. Automation is not just a convenience; it's a strategic imperative in today's fast-paced environment. By incorporating advanced automation into lending procedures, lenders can make more informed and timely decisions, reduce operational costs, and, most importantly, provide an unparalleled experience for their customers.
Key trends in automation for lenders
“This survey and study shows that we’re making progress in the industry, educating lenders on the opportunity and promise of everything AI and automation can do for workflows, deal jacket accuracy and customer improvements,” said Justin Wickett, CEO of Informed. “The future of lending is rooted in data, accuracy, and customer satisfaction, and AI and automation are keys to unlocking that future. It's not just about embracing innovation; it's about leading the charge toward a more agile and responsive financial ecosystem."
About Informed.IQ
Informed uses AI/ML to instantly verify income, assets, residence, insurance, auto stipulations, credit stipulations and more, enabling real-time, reliable credit decisions without bias. Informed’s models are trained to process hundreds of document types and consumer-permissioned data sources, automating stipulation clearance for lenders. In 2023, Informed processed over 6 million consumer credit applications for US lenders, automating over $125 billion in loan originations to date. Informed.IQ automates verifications with 99% accuracy in seconds with no humans-in-the-loop.
Informed’s Knowledge Graph and Data Consortium comprising more than 65 million records and 1.5 billion lending data points powers a Configurable, Verticalized AI Platform enabling financial institutions to scale their entire portfolio of documents and data.
To learn more, visit informediq.com or follow Informed on LinkedIn.
Fonte: Business Wire
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