Scott Mullins
Accelitas provides AI-powered credit risk and identity intelligence services that enable fast, fair, and frictionless access to more good customers.
How to weather the latest lending forecast: Let a Microclimate™ credit score guide you. AI and alternative data transform credit risk, letting you focus precisely on the people you need to grow your business.
Traditional credit scores are traditional for good reason. They cast a big net, provide broad indicators, and deliver familiar numbers that lenders have relied on for years. But two major developments have shaken up tradition: It’s only fair. Predictive analytics is a win/win for both borrowers and lenders. New CFPB study shows AI and machine learning can approve significantly more applications, while yielding lower average APRs; AI Lift proves itself twice as predictive as the competition It’s a risk-based business facing rapid changes and a world of unknowns.
But surprisingly, the credit industry is now poised to be more equitable, efficient, and predictable than ever. Ai Lift is giving credit risk a new angle. AI-powered analytics "bend the curve" to reveal the creditworthy customers you've been missing.
Lenders still rely on broad screening techniques to filter risky prospects. But what if you knew that indicators like First Payment Default (FPD) turn out to be no more reliable than a coin toss in predicting profitable accounts? What if you knew that changing demographics have left millions of worthy customers virtually invisible to traditional screening methods? Giving traditional credit scores a serious turbo charge. How AI Lift works with existing leads to deliver deeper analytics — and more profitable customers The promise of AI-powered predictive analytics is simple: you can scratch the surface with traditional credit scoring models.
Or dig a little deeper and find the gold. By working as a complement to existing credit scores and leads, AI Lift can grow business in two incredibly valuable ways: identifying more creditworthy customers with the scored applicants you have already rejected, and access to the millions of un-scored and thin-file consumers in today’s Invisible Marketplace. Just like that you’ve turned a standard model into a high-performance vehicle. The complement that pays off Generic credit scores are fine. Why just scratch the surface? Next: Compliance is an issue. It’s only fair. How Explainable AI is transforming compliance. Separating the signal from the noise, AI-powered analytics deliver credit risk management that’s predictive, insightful, and regulation-friendly It’s a fact of life in the financial services industry: FCRA regulations mandate that loan decisioning be explainable.
If a loan applicant is turned down, he or she has the legal right to know why. To ensure compliance, any yes/no lending decision needs to be explainable. How real-time data helps lenders cope with coronavirus uncertainty. Uncharted waters.
Credit Risk Management. Credit risk management is an ongoing challenge in the best of times.
In uncertain times, it’s more necessary – and difficult – than ever. With shelter-in-home, the demand for online credit has increased significantly, bringing an influx of new borrowers, while traffic to retail outlets has declined. The ability to quickly adapt and tune custom scoring models to new segments, channels and geographies has helped our lenders identify and accept more creditworthy borrowers. AI and uncorrelated alternative data now provide unprecedented insight to consumer habits. When those habits dramatically shift, as they have in the current quarantine economy, Ai Lift is able to analyze Essential Real-time Data, the millions of ecommerce and merchant point-of-sale transactions that often provide a more accurate consumer portrait than traditional credit scores.
While technology is expected to provide fast answers, the most valuable advantage today may involve the human equation. Reimagining Financial Access. As the leading podcast for the identity industry, State of Identity hosts conversations designed to dig deep into the technologies, companies, and paradigms that are defining the world today.
When the program welcomed Accelitas Senior Vice President Jimmy Williams recently, host Cameron D’Ambrosi wanted to know what observations, macro-trends, and technologies the company was bringing to the identity space. Turns out it was more than the typical discussion of thin-file and no-file credit consumers. Williams explained how alternative data and predictive analytics are already helping lenders access and identify the estimated 50-80 million Americans who are virtually invisible to traditional credit screening.
But throw COVID-19 into the mix, he says, and the need for accurate information becomes even more crucial and complex. Lending During a Crisis. Accelitas hosted a webinar on navigating today’s economic challenges.
What we learned in the process is helping us all move forward. (First in a three-part blog) From the earliest days of the coronavirus crisis, Accelitas has been pursuing solutions to assist both borrowers and lenders in this uncertain marketplace. Reimagine Financial Access. Whether serving the needs of borrowers, helping lenders make better credit decisions, or reconciling payment, there’s a smarter way to move forward leveraging technology to to reimagine financial access.
For years, financial institutions and consumers alike have relied on the status quo. The last thing anyone in the risk management world wants to face is uncertain times. Yet well before the recent economic upheaval, the ground was already undergoing a seismic shift, often undetected by the people it most affected. Enter technology and advanced data analytics. With new tools like Artificial Intelligence and alternative data providing unprecedented insight, the changing landscape gained clarity.