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Leading auto lender leverages Ai scores from Point Predictive to better pinpoint risk to improve the consumer experience for borrowers and car dealerships.
SAN DIEGO, Calif., June 10th 2020 Point Predictive Inc., the San Diego-based company that provides machine learning solutions to lenders, announced today that Nicholas Financial has selected the company’s risk scoring solutions to help them better segment high and low risk applications to improve the customer and dealer experience during the financing process.
As part of the integration, Nicholas Financial will use the company’s scoring solution – Auto Fraud Manager™ – to identify misrepresentation that could lead to default on high-risk applications while streamlining the approval process of low-risk applications. Lenders have found that streamlining low-risk applications by clearing unnecessary stipulations not only results in a smoother funding process, but also helps increase pull through of approved applications by up to 50%.
Additionally, Nicholas Financial will use PointPredictive’s IncomePass™ – a solution that provides an instant assessment of the accuracy of a borrower’s stated income. Lenders have found that IncomePass can help them automatically identify and clear stated incomes on up to 80% of their applications without costly database checks and onerous requests for documentation such as paystubs, which are subject to high rates of forgery.
“Point Predictive is excited to partner with Nicholas Financial to help them achieve better relationships with their borrowers and their dealer network,” advises Tim Grace, CEO of Point Predictive. “Our solutions help lenders reduce their risk of early defaulted loans by up to 50% and, in the process, help them streamline an additional 30% of their loans for reduced stipulations and friction in the lending process. By better targeting risk, the end beneficiaries are their dealers and borrowers who can see a reduction in the time it takes to fund loans.”
Solutions from Point Predictive will further enable Nicholas Financial to deliver on their strategy which has been to provide their customers and dealers a quick, easy and hassle-free funding process.
“At Nicholas Financial, we understand that ensuring risk control while providing great customer service is a delicate balancing act. We’ve been able to successfully mitigate and price for risk by identifying fraud throughout the underwriting and funding process,” said Doug Marohn, CEO of Nicholas Financial. “In the current market, managing fraud and early payment default risk is critically important; we need to know who we can trust, and who we cannot. We believe Point Predictive will help us become even more effective in doing just that.”
For more information about leveraging Auto Fraud Manager or IncomePass, contact info@pointpredictive.com.
About Nicholas Financial
Nicholas Financial, Inc., established in 1985, is a consumer finance company that specializes in purchasing and servicing auto loans made by franchised and independent auto dealers, via a network of company owned and operated branch offices. Nicholas operates a network of 43 locations in Florida, Alabama, Georgia, Illinois, Indiana, Ohio, Kentucky, North Carolina, Pennsylvania, Michigan, Missouri, South Carolina, and Tennessee. The company is also operating non-branch expansion efforts in Kansas, Nevada, Utah, Idaho and Wisconsin markets.
About Point Predictive Inc.
Point Predictive enables lenders to fund more loans simply with a unique combination of Artificial and Natural Intelligence [Ai+Ni] to power machine learning technology solutions. Point Predictive helps automotive, mortgage, retail and personal loan finance companies to identify the consumer applications with truthful and reliable information without the intense interrogation and verification of data caused by lower tech solutions currently in use. Highly regarded as the most trusted fraud and misrepresentation analytic solution providers, Point Predictive has transformed that trust to enable lenders to fund more loans to more consumers simply. Point Predictive uses big data powerfully orchestrated from millions of examples of true and falsified loan applications, billions of derived proprietary data elements, and scientifically selected 3rd party data sources to build powerful machine learning models with the added natural intelligence of human experience. Located in San Diego, California, more information about Point Predictive can be found at www.pointpredictive.com.
