Point Predictive Wins LendTech of the Year at the 2023 US Fintech Awards
Sets a New Industry Standard for Faster and More Accurate Consumer Lending Decisions
SAN DIEGO, CA – November 7, 2023 – Point Predictive, the leader in artificial intelligence (“AI”) fraud solutions for the consumer lending industry, has been recognized with the prestigious LendTech of the Year award at the 2023 US Fintech Awards. This award is a testament to Point Predictive’s dedication to innovation and excellence in the fintech and lending industry, and it underscores the company’s pivotal role in transforming the industry’s lending decision automation and fraud detection and prevention processes.
Point Predictive’s first- and third-party fraud solution API, which secured the coveted LendTech of the Year award, is exclusively designed for fintech and lenders. This groundbreaking API seamlessly combines the robust capabilities of Point Predictive’s proprietary derived data repository, which aggregates millions of loan applications, with the precision of AI and machine learning scoring. The result is a revolutionary loan-decisioning automation that offers real-time validation of borrowers’ income, employment, and identity risks. By providing this transformative API, Point Predictive empowers lenders to expedite their decision-making processes while achieving greater accuracy, ultimately elevating automated loan approval rates and minimizing fraud-related losses.
Point Predictive’s API has earned its high ranking thanks to its exceptional value proposition, setting it apart from competitors:
- It effectively validates income and employment information, elevating hit rates from 30% to an impressive 100% while enabling fintechs and lenders to eliminate requests for paystubs and reduce expenses on costly, lower hit-rate payroll verification checks.
- It boasts an unparalleled capability to detect fraud arising from inaccuracies in applications, empowering fintechs and lenders to proactively identify and mitigate potential risks before they escalate into defaults.
- It offers fintechs and lenders access to a robust and reliable data source, covering nearly 30% of credit-visible and over 40% of credit-invisible consumer populations. This comprehensive coverage ensures precise risk assessment in both prime and sub-prime lending scenarios, giving its clients a competitive edge in the industry.
Point Predictive’s CEO, Tim Grace, expressed his excitement about the award, stating,
“We are truly honored to receive the LendTech of the Year award. It is a testament to our unwavering commitment to serving the fintech and lending industries with innovative solutions that raise the standard for automating lending decisions while preventing fraud and payment default losses. We are dedicated to continuing our journey of innovation and excellence in the industry.”
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