2023: Point Predictive, A Year in Review
For Point Predictive, 2023 was a year of remarkable achievements, reinforcing our status as industry pioneers in the consumer lending technology sector.
LendTech of the Year Award: Setting the Standard
Point Predictive clinched the prestigious LendTech of the Year award at the 2023 US Fintech Awards. This recognition validates the company’s leadership and establishes a new industry benchmark for swift and precise consumer lending decisions. The award reflects Point Predictive’s dedication to transforming automated loan approval while minimizing fraud-related losses.
Groundbreaking Partnership with SoFi
Point Predictive has forged a groundbreaking partnership with SoFi, a front-runner in digital financial services. SoFi has integrated Point Predictive’s IncomePass™ solution, revolutionizing lending operations by assessing the probability of income misrepresentation. This innovative approach eliminates the need for income documentation for most low-risk individuals, streamlining the lending process.
Revolutionary API for Fintech and Lenders
Addressing the evolving needs of the fintech and lending landscape, Point Predictive introduced a revolutionary API designed exclusively for the fintech industry. Our API can enhance a lender’s Know Your Customer (KYC) and Office of Foreign Assets Control (OFAC) verification processes, offering real-time accuracy in assessing a borrower’s income, employment, and identity risks.
Strategic Collaborations in the Auto Industry
Leading names in the auto industry, including Foursight Capital, Tricolor, and RouteOne, have embraced Point Predictive’s AI solutions to enhance their auto loan underwriting processes. AutoPass™ – FCRA, is helping Foursight and Tricolor to automate loan decisions, reduce defaults, and streamline the lending experience. We also announced a partnership with RouteOne, to provide thousands of dealerships with turnkey access to comprehensive application fraud checks using our BorrowerCheck™ solution.
AI Advancements in Dealer Risk Management
In a significant upgrade to DealerCheck™, Point Predictive’s AI dealer risk platform, the introduction of proactive dealer alerts empowers auto lenders to identify and address potential fraud at dealerships. This enhancement enables lenders to stay ahead of evolving risk behaviors and maintain a robust risk management strategy.
Racing Against Fraud: Sponsorship of Katherine Legge
As a demonstration of its commitment to fighting fraud in automotive dealerships and lenders, Point Predictive sponsored Katherine Legge’s 2023 Indianapolis 500 race. Legge also served as the Special Guest speaker at Point Predictive’s 2023 Auto Lending Fraud Roundtable on June 6, 2023, in Plano, Texas.
Insights from the 2023 Auto Lending Fraud Trends Report
Point Predictive released its highly anticipated 2023 Auto Lending Fraud Trends Report, unveiling critical insights for the industry. The report highlights a $400 million increase in fraud exposure to auto lenders compared to 2022 levels, the identification of 10,000 fake employers associated with $3.1 billion in fraudulent loan applications since 2017, and emerging fraud schemes like zombie debt reassignment. (Download your copy of the report here.)
As Point Predictive continues to develop pioneering lending solutions, the milestones achieved in 2023 underscore our commitment to innovation, excellence, and transforming the landscape of consumer lending technology.