Daily Tech News, Interviews, Reviews and Updates

Point Predictive Wins LendTech of the Year at the 2023 US Fintech Awards

Sets a New Industry Standard for Faster and More Accurate Consumer Lending Decisions

2023 LendTech of the Year

Point Predictive Wins LendTech of the Year at the 2023 US Fintech Awards
Point Predictive Wins LendTech of the Year at the 2023 US Fintech Awards

SAN DIEGO, Nov. 08, 2023 (GLOBE NEWSWIRE) — Point Predictive, the leader in artificial intelligence (“AI”) fraud solutions for the consumer lending industry, has been recognized with the prestigious LendTech of the Year award at the 2023 US Fintech Awards. This award is a testament to Point Predictive’s dedication to innovation and excellence in the fintech and lending industry, and it underscores the company’s pivotal role in transforming the industry’s lending decision automation and fraud detection and prevention processes.

2023 LendTech of the Year

Point Predictive’s first- and third-party fraud solution API, which secured the coveted LendTech of the Year award, is exclusively designed for fintech and lenders. This groundbreaking API seamlessly combines the robust capabilities of Point Predictive’s proprietary derived data repository, which aggregates millions of loan applications, with the precision of AI and machine learning scoring. The result is a revolutionary loan-decisioning automation that offers real-time validation of borrowers’ income, employment, and identity risks. By providing this transformative API, Point Predictive empowers lenders to expedite their decision-making processes while achieving greater accuracy, ultimately elevating automated loan approval rates and minimizing fraud-related losses.

Point Predictive’s API has earned its high ranking thanks to its exceptional value proposition, setting it apart from competitors:

  • It effectively validates income and employment information, elevating hit rates from 30% to an impressive 100% while enabling fintechs and lenders to eliminate requests for paystubs and reduce expenses on costly, lower hit-rate payroll verification checks.
     
  • It boasts an unparalleled capability to detect fraud arising from inaccuracies in applications, empowering fintechs and lenders to proactively identify and mitigate potential risks before they escalate into defaults.
     
  • It offers fintechs and lenders access to a robust and reliable data source, covering nearly 30% of credit-visible and over 40% of credit-invisible consumer populations. This comprehensive coverage ensures precise risk assessment in both prime and sub-prime lending scenarios, giving its clients a competitive edge in the industry.

Point Predictive’s CEO, Tim Grace, expressed his excitement about the award, stating, “We are truly honored to receive the LendTech of the Year award. It is a testament to our unwavering commitment to serving the fintech and lending industries with innovative solutions that raise the standard for automating lending decisions while preventing fraud and payment default losses. We are dedicated to continuing our journey of innovation and excellence in the industry.”

About Point Predictive
Headquartered in San Diego, California, Point Predictive powers a new level of lending confidence and speed through artificial intelligence, powerful data insight from our proprietary data repository, and decades of risk management expertise. The company’s data and technology solutions quickly and accurately identify truthful and untruthful disclosures on loan applications. As a result, lenders can fund the majority of loans without requiring onerous documentation, such as paycheck stubs, utility bills, or bank statements, improving funding rates by 40-50% while reducing early payment default losses by more than 30-50%. Subsequently, borrowers get loans faster, and lenders realize a more profitable bottom line. For more information, please visit https://pointpredictive.com/.

Contact
Jacqueline Silva
[email protected] 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/12358bcd-643b-47ab-8591-aa7e971cfadc

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. TheTechOutlook.com takes no editorial responsibility for the same.



Readers like you help support The Tech Outlook. When you make a purchase using links on our site, we may earn an affiliate commission. We cannot guarantee the Product information shown is 100% accurate and we advise you to check the product listing on the original manufacturer website. Thetechoutlook is not responsible for price changes carried out by retailers. The discounted price or deal mentioned in this item was available at the time of writing and may be subject to time restrictions and/or limited unit availability. Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates Read More
You might also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More