- State-of-the-art alternative scoring methodologies, including a proprietary credit scoring algorithm with machine learning that continually optimizes the formula.
- Easy deployment from our secure, cloud-based platform. Your team gets up-to-speed quickly with intuitive process flows, user-friendly training modules, and 24/7 support.
- Automated processes that increase the speed of approval, reduce human error and improve overall process efficiency.
- Up-to-date regulatory compliance that conforms to new rules as they’re published by regulatory agencies.
No credit scoring model will be able to tell you with a 100% certainty whether a borrower will return the funds or not. But for the lack of a better system, lenders rely on the existing models, use alternative ones, a combination of the two or develop their own, proprietary algorithms. The reliability and accuracy of the credit scoring model is the gatekeeper of your lending business. It’s what determines how much business you’ll get and how profitable it’ll be.
Your primary goal as an alternative lender is to maximize portfolio profits, and the first critical step in the process is onboarding. It’s like a first date. It sets the stage for the entire relationship. You can use automation software to gain process efficiencies, but it takes enthusiasm and creativity to truly engage the new borrower. Finance industry analysts say it’s an investment that pays back in spades.