There might not be a limit to what human beings can do, but at the same time, there is little we do better than growing on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become abundantly clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one new fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.
Informed IQ, a leading provider of AI software that verifies, streamlines and optimizes loan processing, has officially launched a new product in Skip the Stip, which is a non-documentary validation tool conceived to serve both full spectrum and sub-prime auto lenders. According to certain reports, Skip the Stip bets on the power of data analytics, and it does do by integrating Informed IQ’s comprehensive database with advanced machine learning algorithms. The resulting combination then goes on to inform risk assessments, streamline loan approvals, and enhance the overall decision-making around the operation. Talk about what the solution does for lenders in terms of concrete value; it basically helps them in reaching a wider borrower base without, for a split second, sacrificing on the security of their money. Now, while it might sound like nothing but a slightly improved version of those traditional image recognition (OCR) and document verification systems, Skip the Stip sets itself apart using a database that contains more than 40 million records. This sheer vastness of it ensures the solution is able to quickly cover unique data points, identify fraudulent paystub templates, interpret 401K withholdings along with earned overtime, and do a whole lot more. Not just that, Informed IQ’s technological prowess also helps the lender remain compliant to all regulatory requirements. As for the borrower, the incentive to use such a platform isn’t just restricted to lower documentation burden, considering Skip the Stip further brings at their disposal a streamlined application process, reduced paperwork, and an uninterrupted access to tailored loan offers.
“This product represents a significant milestone in the evolution of full spectrum and sub-prime lending,” said Justin Wickett, CEO of Informed.IQ. “We are thrilled to provide lenders with a powerful tool that expands their lending capabilities and promotes financial inclusion by reaching individuals who have previously been excluded due to lack of documentation. This underscores our commitment to driving growth and empowering lenders to make a meaningful impact on borrowers’ lives.”
Founded in, Informed IQ’s rise is largely rooted in preaching an AI and ML-based approach to instantly verify income, assets, residence, insurance, auto stipulations, credit requirements and more. Boasting enough capability to process hundreds of document types and consumer-permissioned data sources at once, Informed IQ makes it possible for you to take real-time reliable and unbiased credit decisions.
“Leveraging automated document verification ensures reliability and mitigates fraud. Eliminating income verification also enhances the dealer and customer experience and streamlines our processes. We’re reducing time, stress, and paperwork and giving borrowers increased control over their privacy. This product will help reshape the lending landscape,” said the Director of Strategic Initiatives at a top 5 indirect auto lender.
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