Point Predictive partners with cloud solutions leader Inovatec for rapid expansion of auto loan market
SAN DIEGO, March 8, 2022 /PRNewswire/ — Point Predictive, the San Diegoa New York-based company that provides artificial intelligence (AI) solutions to the lending industry, and Inovatec Systems Corp., an industry-leading cloud-based software solutions provider for financial institutions across Canada and United Statestoday announced a strategic partnership aimed at increasing the operational efficiency of automotive lenders.
“Inovatec has built a significant business in North Americaand currently holds 50% of the Canadian auto loan market,” said Tim Grace, CEO of Point Predictive. “We believe that Point Predictive is the ideal partner for Inovatec’s expansion plans in United States, as we can leverage the power of our growing consortium-based risk scores with Inovatec’s cloud-based software solutions to increase automation and reduce fraud risk. This collaboration will build on Inovatec’s history of providing customers with best-in-class service with maximum flexibility. We are confident that Point Predictive’s AI-powered solutions and automation will help Inovatec’s customers achieve new levels of efficiency and fraud loss reduction in both countries. »
Inovatec’s cloud-based agile platform enables any financial institution to create processes and workflows that can be implemented seamlessly and immediately with minimal training. This technology, integrated directly into Point Predictive’s software and AI, enables lenders to leverage better data sets and more accurate risk prediction to improve the quality and speed of the loan approval process. without additional risk.
“We look forward to working with Point Predictive, who share our philosophy that implementing innovative technology provides the best path for lenders to meet the evolving demands of a rapidly changing competitive marketplace,” said Vlad Kovacevic, co-founder and CEO of Inovatec. “Point Predictive’s sophisticated data-driven fraud and risk scoring solutions, combined with Inovatec’s proven cloud-based LOS offering, will provide our customers with greater operational efficiency, faster decision-making and greater profitability. »
“Inovatec has always found ways to be nimble and adaptable to meet the needs of its lenders, and just like Point Predictive, they are always looking for the next way to improve their processes,” explained Andre stamps, Director of Partnerships at Point Predictive. “This is a union of two partners with common goals – to identify risk and add value – and we foresee huge growth ahead.”
For more information on Point Predictive, please contact [email protected]
About Predictive Point Inc.
Point Predictive delivers a new level of confidence and speed through the unique combination of artificial and natural intelligence using decades of risk management expertise. The company’s technology solutions quickly and accurately identify who is reporting their loan applications faithfully and who is not. As a result, lenders are now able to easily fund loans without asking the vast majority of applicants for onerous documents such as pay stubs, utility bills or bank statements. This improves funding rates by 40-50% while reducing overall prepayment default losses by more than 30%. Borrowers get loans faster and we dramatically increase a lender’s bottom line profits. Situated in San Diego, Californiamore information about Point Predictive can be found at www.pointpredictive.com.
About Inovatec Systems Corp.
Inovatec Systems Corporation is a leading provider of cloud-based software solutions for automotive and equipment finance institutions. The seamless platform is ideal for communications with external partners and customers with a robust ecosystem that streamlines the credit, audit, finance, and income verification process for financial applications. For more information, visit www.inovatec.com.
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