For servicers of consumer loan portfolios, finding the balance between thoroughly vetting applications and providing an excellent customer experience is critical. In their quest to achieve this balance, one online lender has developed a unique auto-fund program designed to connect their best customers with loans even faster.
With their auto-fund program, the online lender can originate a loan without ever having to physically speak with a consumer—or even review a bank statement. That’s because they’ve analyzed important data from Ekata, previously funded applications, and other third-party data in order to identify the lowest risk 10% of all applications they approve. These top 10% of applications, which have the highest confidence for both identity and the willingness and ability to pay, are then labeled for automatic funding.
Auto-funding loans may seem risky, but this online lender has found a way to do it quickly—and with as little risk as possible—by using Ekata at the top of the application approval funnel.