Partnership Further Accelerates CPS’s Digital Transformation as Rapidly Growing FinTech Company with New Turn-key AI Solution to Better Fund Loans, Faster
Consumer Portfolio Services, Inc. ( Nasdaq: CPSS) (“CPS”), continuing their focus on artificial intelligence and machine learning, partnered with Informed.IQ to automatically calculate income, collect and clear credit stipulations and dealer docs, creating a better dealer and consumer experience throughout the auto lending process. Informed is the leader in AI-based software used by the nation’s largest financial institutions to automate loan verifications.
CPS is focused on prioritizing its operational strategy and approach to auto lending, with initiatives embracing new technologies to provide best-in-class service to its clients. Increasing data accuracy helps reduce any bias in lending and opens doors to a more inclusive set of borrowers.
“Our whole business is based on artificial intelligence and machine learning, from credit to servicing,” said Mike Lavin, Chief Operating Officer with CPS. “Adding Informed.IQ to the equation enables us to handle larger origination volume, increase no-touch processing, more easily identify loan document defects and ultimately better support our customers to fund faster.”
Using Informed’s digital tools and machine learning solutions to collect and classify documents, extract data, compare information, calculate income and check for fraud, CPS will reduce time, bias, costs, contracts in transit and fraud risk while being audit-ready.
Justin Wickett, Informed CEO adds, “At a time of heightened regulatory scrutiny and focus on underwriting and credit biases in lending, we are especially pleased to be working with CPS as they embrace AI and machine learning to continue their mission to serve the full spectrum market, enhancing their market competitiveness, while staying compliant and reducing fraud.”
Informed’s technology is a major step in a digital transformation initiative going beyond image recognition, by verifying the document’s contents and validating the loan processors’ manual checklists.