Informed.IQ Launches Dealer Verify, a new tool leveraging AI to Enhance the Auto Dealer Experience and reduce Contracts in Transit

AI-Based Tool Enables Dealers to Verify Income and Clear Consumer Stipulations in Real Time to Streamline Loan Originations
SAN FRANCISCO, Oct. 30, 2023 /PRNewswire/ — Informed.IQ, leading provider of AI-software that verifies, streamlines, and optimizes loan processing, today announced Dealer Verify, a new tool enabling auto dealers to clear stipulations in real time through digital document collection and instant, automated verifications. With upfront, accurate income calculations and validation of consumer data at underwriting, loans are processed faster and more accurately, resulting in fewer contracts-in-transit, reduced fraud, and improved experiences for consumers, dealers, and lenders.

How Does it Work?
Lenders embed a Dealer Verify link or iframe in their credit decision callback or dealer portal, leveraging existing communication channels.Dealers trigger an SMS to consumers for direct collection of documents and linked payroll/bank accounts, or upload documents they already have.Informed instantly analyzes the data and issues real-time classifications, extractions, comparisons, and verifications. Dealers can immediately view the verification status through an intuitive interface.The Director of Innovation at a top 5 U.S. auto lender said about Dealer Verify, “We’re in a people business and are leveraging cutting edge technology to focus on better experiences for our dealers, consumers, and employees. We’re making it easier for our employees to give dealers the best service and results.”
Real-time verifications enable dealers to streamline and optimize performance. This strategy reinforces dealer relationships and empowers dealers, removing friction and speeding credit decisions, ensuring dealers get paid faster. Dealers can be confident in the decisions and ensure missing documents and image quality issues are addressed upfront while the consumer is still at the dealership. Informed’s AI and modeling perform complex calculations ensuring accuracy, identifying omissions, and combating fraud. With Dealer Verify, dealers focus less on collecting and validating data and more on developing strong customer relationships.
“Informed ensures that Lenders can enable car dealers to provide competitive-rate auto loans to all segments of the market,” said Justin Wickett, Informed.IQ CEO. ” Our tools provide an improved dealer and consumer experience while helping lenders board more loans faster, while reducing fraud and risk.”
About Informed.IQInformed 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 2022, Informed processed over 4 million consumer credit applications for US lenders, automating over $120 billion in loan originations to date. Informed.IQ automates verifications with 99% accuracy in seconds with no humans-in-the-loop.
Originally focused on auto lending, where six of the top ten auto lenders use the solution, financial institutions now use Informed for mortgages, personal and student loans, and automated bank account openings.
To learn more, visit informed.iq and follow Informed on LinkedIn.
 

View original content:https://www.prnewswire.com/news-releases/informediq-launches-dealer-verify-a-new-tool-leveraging-ai-to-enhance-the-auto-dealer-experience-and-reduce-contracts-in-transit-301969833.html
SOURCE InformedIQ 

AI-Based Tool Enables Dealers to Verify Income and Clear Consumer Stipulations in Real Time to Streamline Loan Originations

SAN FRANCISCO, Oct. 30, 2023 /PRNewswire/ — Informed.IQ, leading provider of AI-software that verifies, streamlines, and optimizes loan processing, today announced Dealer Verify, a new tool enabling auto dealers to clear stipulations in real time through digital document collection and instant, automated verifications. With upfront, accurate income calculations and validation of consumer data at underwriting, loans are processed faster and more accurately, resulting in fewer contracts-in-transit, reduced fraud, and improved experiences for consumers, dealers, and lenders.

How Does it Work?

Lenders embed a Dealer Verify link or iframe in their credit decision callback or dealer portal, leveraging existing communication channels.Dealers trigger an SMS to consumers for direct collection of documents and linked payroll/bank accounts, or upload documents they already have.Informed instantly analyzes the data and issues real-time classifications, extractions, comparisons, and verifications. Dealers can immediately view the verification status through an intuitive interface.

The Director of Innovation at a top 5 U.S. auto lender said about Dealer Verify, “We’re in a people business and are leveraging cutting edge technology to focus on better experiences for our dealers, consumers, and employees. We’re making it easier for our employees to give dealers the best service and results.”

Real-time verifications enable dealers to streamline and optimize performance. This strategy reinforces dealer relationships and empowers dealers, removing friction and speeding credit decisions, ensuring dealers get paid faster. Dealers can be confident in the decisions and ensure missing documents and image quality issues are addressed upfront while the consumer is still at the dealership. Informed’s AI and modeling perform complex calculations ensuring accuracy, identifying omissions, and combating fraud. With Dealer Verify, dealers focus less on collecting and validating data and more on developing strong customer relationships.

“Informed ensures that Lenders can enable car dealers to provide competitive-rate auto loans to all segments of the market,” said Justin Wickett, Informed.IQ CEO. ” Our tools provide an improved dealer and consumer experience while helping lenders board more loans faster, while reducing fraud and risk.”

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 2022, Informed processed over 4 million consumer credit applications for US lenders, automating over $120 billion in loan originations to date. Informed.IQ automates verifications with 99% accuracy in seconds with no humans-in-the-loop.

Originally focused on auto lending, where six of the top ten auto lenders use the solution, financial institutions now use Informed for mortgages, personal and student loans, and automated bank account openings.

To learn more, visit informed.iq and follow Informed on LinkedIn.

 

View original content:https://www.prnewswire.com/news-releases/informediq-launches-dealer-verify-a-new-tool-leveraging-ai-to-enhance-the-auto-dealer-experience-and-reduce-contracts-in-transit-301969833.html

SOURCE InformedIQ

 

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