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Blog - Consumer Financing for Businesses | Accelitas

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Blog - Consumer Financing for Businesses | Accelitas

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Accelitas® is reimagining financial access through the transformative power of data. Our AI-powered data analytics deliver fast, fair and frictionless ways to help businesses grow by confirming identity, predicting credit, and reconciling data and enabling payments

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Loan Decision Software - Process & Pricing | Accelitas

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Loan Decision Software - Process & Pricing | Accelitas

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Speak to the Accelitas team today to get started

We make it easy to get up and running quickly.

After a brief consultation to discuss your specific needs and goals, we work with you to implement a solution that is truly customized to your business.

By leveraging the Accelerated Insight® Platform, our secure SOC-compliant SaaS platform of API services, we will have you seamlessly opening accounts, verifying identities, and accepting more creditworthy customers in no time.

Accelitas offers competitive pricing by leveraging established partnerships with the most trusted data resources in the industry. Our unique ability to leverage AI and alternative data, allows us to deliver highly predictive insights with lower data requirements.

To get started, click the button below to set up a consultation to discuss our process and pricing...

Predict Credit: Five Easy Steps to Accept More Creditworthy Customers

1. Quick and painless needs and goals assessment
2. Provide a data file through our secure portal
3. Process test file and identify good customer buckets
4. Apply to rejected accounts in a live test
5. Integrate and begin identifying and accepting new profitable customers

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Loan Decision Software - Process & Pricing | Accelitas

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We make it easy to get up and running quickly. After a brief consultation to discuss your specific needs and goals, we work with you to implement a solution that is truly customized to your business.

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Mobile Identity Verification | Accelitas

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Mobile Identity Verification | Accelitas

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Our mobile identity verification solution addresses the biggest challenges of mobile account opening, including high abandonment rates from poor user experience and high rejection rates resulting from limited data for account screening. Built on the Accelerated Insight® API Platform, our Ai Extract and Ai Verify web services come together and enable businesses to:

Deliver a frictionless mobile experience
Instead of forcing customers to type lots of information on a smartphone screen, Ai Extract reads customer data from a photo of a government issued ID. Using data extracted from IDs streamlines mobile account opening while reducing errors from typos. Ai Extract reduces typing requirements to just entering an SSN. Basic name and address data is read automatically from the photo of the ID and auto-form-filled. Companies get the customer data they want, while customers get a fast, easy-to-use experience. Potential borrowers are spending more time on their phones than ever before. If it's not already, it will become commonplace to open new credit accounts on a mobile device. Ai Verify enables lenders to provide a top-notch user experience for mobile account opening, leading to more positive outcomes. Accelitas helps lenders succeed in the digital-first world.

Identify More Mobile Customers
Ai Verify draws on a broad collection of trusted data sources, including alternative data, to provide the broadest possible coverage for screening applicants. Surpassing the reach of traditional data sources and screening techniques, our data analytics provide coverage for up to 95% of the population, including digital-first and underserved populations. Ai Verify also identifies more recent addresses.

Support for Regulatory Compliance
Ai Verify can be configured to provide identity verification required by industry regulations, such as KYC requirements in the USA PATRIOT Act. In addition, it optionally provides OFAC screening required for financial services in the U.S. Ai Verify™ performs advanced data analysis on submitted consumer information to verify identities and return risk/confidence scores in real time.

Real-time identity verification, CIP compliance, and risk analysis

Match rates that are as much as 30% higher than those of traditional screening services

Predictive data-driven insights that support saying "yes" to more accounts with confidence, enabling companies to Identify more profitable accounts

Reduced risks of fraud and financial loss

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Mobile Identity Verification | Accelitas

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Our mobile identity verification solution addresses the biggest challenges of mobile account opening, including high abandonment rates from poor user experience and high rejection rates resulting from limited data for account screening.

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AI Verify - Mobile Identity Verification | Accelitas

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AI Verify - Mobile Identity Verification | Accelitas

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Confirm Customer Identity to Open More Accounts and Reduce Fraud
Benefit: Real-time identity verification and CIP compliance, to say "yes" with confidence
Ai Verify performs advanced data analysis on submitted consumer information to verify identities, comply with AML and KYC regulations, and return risk/confidence scores in seconds.

Real-time identity verification, CIP compliance, and risk analysis

Match rates that are as much as 30% higher than traditional screening services

Predictive data-driven insights that support saying "yes" to more accounts with confidence, enabling companies to Identify more profitable accounts

Reduced risks of fraud and financial loss

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AI Verify - Mobile Identity Verification | Accelitas

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Benefit: Real-time identity verification and CIP compliance, to say "yes" with confidence Ai Verify performs advanced data analysis on submitted consumer information to verify identities, comply with AML and KYC regulations, and return risk/confidence scores in seconds.

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AI Extract - Customer Financing Programs | Accelitas

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AI Extract - Customer Financing Programs | Accelitas

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Built on the Accelerated Insight® API Platform, our Ai Extract web service enables businesses to:

Deliver Frictionless Customer Experience to open more accounts.
Instead of forcing customers to tediously type lots of information on a smartphone screen, Ai Extract reads customer data from a photo of a government issued ID and can confirm and verify identity. Using data extracted from IDs streamlines account opening while reducing errors from typos. AI Extract reduces typing requirements to little more than entering an SSN. Basic name and address data are read automatically from the photo of the ID and auto-form-filled. Companies get the customer data they want, while customers get a fast, easy-to-use experience. User experience matters more than ever, avoid lost accounts from an outdated, manual onboarding process!

Grow Your Mobile BusinessMobile account opening enables companies to reach digital-first consumers, including Millennials, Generation Z consumers, and immigrant populations. In the future, mobile account opening will be the preferred method of account opening. Let new customers enjoy a frictionless experience to get started.

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AI Extract - Automate Account Openings | Accelitas

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Built on the Accelerated Insight® API Platform, our Ai Extract web service enables businesses to: Deliver Frictionless Customer Experience to open more accounts.Instead of forcing customers to tediously type lots of information on a smartphone screen, Ai Extract reads customer data from a photo of a government issued ID and can confirm and verify identity.

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AI Resolve - Business Financing for Customers | Accelitas

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AI Resolve - Business Financing for Customers | Accelitas

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Ai Resolve automates the pain out managing vendor media and MDF programs and increases revenue by scaling services to more vendors, while reducing operational costs. The result helps brands:

Automate the usage of first-party data: reach the right shopper with the right message at the right time

Deliver up to 66% more media than other channels while decreasing third-party fees

Lift online and in-store sales over 30%

Benefits for RETAILERS

Unlock new supplier dollars

Leverage first-party data & media inventory

Automate manual processes and payments

Discrepancy-free reconciliation

End-to-end transparency

Ensures contract terms & pricing

Reduce post audit claims

Benefits for SUPPLIERS

Increase sales and revenue

Ease of use through automated platform

Improved ROI for marketing programs

Accurate and timely payments

Discrepancy-free reconciliation and automated reconciliation

End-to-end transparency

Timely reporting and business intelligence

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AI Resolve - Maximize Supplier Relationships | Accelitas

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Ai Resolve automates the pain out managing vendor media and MDF programs and increases revenue by scaling services to more vendors, while reducing operational costs.

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AI Lift Save - Customer Financing | Accelitas

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AI Lift Save - Customer Financing | Accelitas

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Low in the Data Waterfall
Lenders can apply real-time, AI-powered insights to re-analyze rejected applicants for overlooked indications of creditworthiness, allowing them to accept more creditworthy borrowers without investing in additional leads or outbound sales and marketing initiatives. Bottom of the waterfall risk models can also be fine-tuned to suit your particular business goals, profitability model, and budget. In addition, the best models provide easy-to-use APIs, so that building new scores at any location in a waterfall can be done quickly and easily.

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AI Lift Save - Customer Financing | Accelitas

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Low in the Data Waterfall Lenders can apply real-time, AI-powered insights to re-analyze rejected applicants for overlooked indications of creditworthiness, allowing them to accept more creditworthy borrowers without investing in additional leads or outbound sales and marketing initiatives. Bottom of the waterfall risk models can also be fine-tuned to suit your particular business goals, profitability model, and budget.

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AI Lift Score - Credit for Customers |  Accelitas

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AI Lift Score - Credit for Customers |  Accelitas

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AI and alternative data enable lenders to customize Microclimate™ scores and make smarter loan decisions. Traditional credit scoring gives you the big picture, but today's lenders need more than that. If you knew the average temperature of the United States, you still wouldn't know the weather outside your door. Just as microclimates make real and measurable differences where we live, a Microclimate credit score gives you the specific information you need for smarter loan decisioning. This is where AI and alternative data yield the most beneficial results, letting you customize predictive insights to your business at each stage of your data waterfall.
High in the Data Waterfall
Lenders can apply real-time, AI-powered insights to screen applicants more accurately at the start of your loan-decisioning process. Instead of using generic credit scores that can eliminate too many applicants, or expensive scores loaded with thousands of variables, adding highly predictive insights here will allow you to accept the most creditworthy consumers, while segmenting higher risk applicants for further analysis. Because these AI powered insights are explainable, lenders will have information that can support compliance with the FCRA adverse action requirements.

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AI Lift Score allows lenders to accept more creditworthy borrowers by increasing acceptance rates and growing profitable accounts AI Lift is an AI-powered Credit Risk Web Service that leverages broad and unique alternative data sources to deliver the AI Lift Score, enabling lenders to identify cred

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Accelerated Insight Platform |  Accelitas

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Accelerated Insight Platform |  Accelitas

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Confirm Identity
Fast and Frictionless account opening

Our Identity intelligence services provide a faster, smarter way to seamlessly open digital accounts and verify IDs and consumers. Now you can lower abandonment and reduce fraud, while saying 'yes' to more good customers.

Our Document Insights services are designed specifically to address the challenges of identifying and verifying consumers while providing a fast, frictionless experience for opening accounts. The platform features four real-time web services Ai Extract, Ai Verify and a Mobile Verification solution that combines the two services:

Ai Extract reads government-issued IDs such as driver's licenses and passports, extracts barcode and text data, and uses extracted data to auto-form-fill account applications.

Ai Verify performs advanced data analysis on submitted consumer information to verify identities, comply with AML and KYC regulations, and return risk/confidence scores in seconds.

Ai Verify / Bank Data validates banks accounts in real-time, reducing fraud and increasing ACH conversion rates while complying with NACHA requirements.

Mobile Verification combines our AI Extract and AI Verify services to verify mobile users so you can reduce mobile abandonment and fraud without compromising your customer's experience.

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Accelerated Insight Platform | Accelitas

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Our Identity intelligence services provide a faster, smarter way to seamlessly open digital accounts and verify IDs and consumers. Now you can lower abandonment and reduce fraud, while saying 'yes' to more good customers. Our Document Insights services are designed specifically to address the challenges of identifying and verifying consumers while providing a fast, frictionless experience for opening accounts.

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Reconcile Payments - Consumer Financing for Merchants | Accelitas

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Reconcile Payments - Consumer Financing for Merchants | Accelitas

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Despite the growing volume and complexity of business transactions, many reconciliation and payment systems are still conducted manually. With Ai Resolve automating the supplier relationship from contract to payment, companies can eliminate a traditional pain point while opening up valuable new revenue sources. Easily scalable to an ever-expanding number of partners, suppliers and contractors, Ai Resolve reduces fraud and discrepancies, improves transparency, and saves the significant time and expense of managing complex reconciliation and payment processes.

Automated Reconciliation from Contract to Payments

Automated reconciliation is enabling organizations to lower costs associated with managing suppliers, providing companies with a more efficient, transparent, and profitable way to reconcile data and processes from contract to payment. By removing bottlenecks and mistakes associated with traditional manual payment reconciliations, the automated reconciliation solution reduces friction, scales programs, opens new revenue opportunities, and lowers costs across a range of industries.

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Reconcile Payments to Maximize the Supplier Relationship | Accelitas

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Despite the growing volume and complexity of business transactions, many reconciliation and payment systems are still conducted manually. With Ai Resolve automating the supplier relationship from contract to payment, companies can eliminate a traditional pain point while opening up valuable new revenue sources.

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Confirm Identity - Customer Financing Services  | Accelitas

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Confirm Identity - Customer Financing Services  | Accelitas

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With the world going digital, the ability to open mobile accounts easily is important to compete going forward. Companies can now offer more services for digital and mobile customers. Enhanced user experience through government ID reading technology auto-fills forms making it easy for potential customers to complete their account opening.

Mobile ID Verification and Digital ID Verification

Minimize mobile abandonment and fraud, without destroying user experience. Add social security number (SSN) to our Mobile Account Opening service you have real-time mobile ID verification services that are fast, accurate, and affordable.

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Confirm Identity Using Artificial Intelligence | Accelitas

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With the world going digital, the ability to open mobile accounts easily is important to compete going forward. Companies can now offer more services for digital and mobile customers. Enhanced user experience through government ID reading technology auto-fills forms making it easy for potential customers to complete their account opening.

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Predict Credit - Offer Credit to Customers  | Accelitas

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Predict Credit - Offer Credit to Customers  | Accelitas

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Lenders and Financial Services companies can identify 30% more profitable borrowers when compared to traditional credit screening. Predicting creditworthy borrowers empowers organizations to say "yes" with confidence. Overlooked indicators of creditworthiness lead to smarter loan decisioning, lower high loan rejection rates, and reduce fraud. Unlock profits with predictive credit decisions.

Revive Previously Rejected Applicants

Rejecting loan applicants is expensive, especially when 30% of the no-fills and rejections may actually be creditworthy borrowers. Leveraging proprietary AI techniques, through our Accelerated Insights Platform, uncovers overlooked data points to identify more creditworthy borrowers. Grow revenue by lowering rejection costs while increasing acceptance of creditworthy loan applicants.

Alternative Data Can Be Leveraged for More

Predictive analytic techniques that give the entire financial scope of an applicant help creditors leverage alternative data to find more customers. Data that is uncorrelated to traditional sources, but relevant to creditworthiness can help lenders find up to 30% more creditworthy borrowers in their prospect pool. Many of the newly discovered creditworthy borrowers come from no file borrowers or thin-file borrowers that the competition will miss.

Explain Credit Decisions

Lend with the confidence of Explainable AI to interpret credit decisions. By leveraging Explainable AItechniques and FCRA data from Credit Reporting Agency partners, our service separates the signal from the noise to deliver insights that are predictive and interpretable, giving lenders the confidence to make and explain credit decisions while supporting fair lending regulations.

Reach Underserved Customers

Profitability and financial inclusion are the goals of great lenders. Our innovative credit risk and identity services a more complete picture of potential borrowers. Advance AI-techniques and unique sources of alternative data provide access to more creditworthy thin-file and no file borrowers, while our mobile banking services allows lenders frictionless access to more underserved populations.

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Predict Credit Using Alternative Data | Accelitas

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Lenders and Financial Services companies can identify 30% more profitable borrowers when compared to traditional credit screening. Predicting creditworthy borrowers empowers organizations to say "yes" with confidence. Overlooked indicators of creditworthiness lead to smarter loan decisioning, lower high loan rejection rates, and reduce fraud. Unlock profits with predictive credit decisions.

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Customer Financing Companies | Accelitas

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Customer Financing Companies | Accelitas

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Lift Credit for More Customers | Confirm Identity | Reconcile Payments

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Accelitas offer customer financing & give the credit to small businesses. We provide lenders a safe way to identify and access more good customers.

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How to weather the latest lending forecast: Let a Microclimate™ credit score guide you.

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How to weather the latest lending forecast: Let a Microclimate™ credit score guide you.

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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:

Shifting demographics and spending habits have left millions of consumers unseen or undervalued by traditional credit screening services

New technologies can now provide far more sophisticated predictive analytics than traditional methods

One thing is for certain: Today's businesses can't afford to stand still. Short-term and long-term profits hang on the ability to identify and access creditworthy customers and grow more productive accounts. And that's where traditional credit scores fall short.

Fine-tune your own model of success

If you knew the average temperature of the United States, you still wouldn't know the weather outside your door. In a way, that's how traditional credit scores show their limitations. Just as micro-climates make real and measurable differences where we live, an Accelitas Microclimate™ credit score gives you the specific information you need to make smarter lending decisions.

This is where AI and alternative data come into play. Accelitas leverages these remarkable technological tools to create predictive models customized to the industry, audience, and geography of your business, allowing you to apply precision insight at each stage of the data waterfall.

>>High in the data waterfall . Lenders can apply real-time, AI-powered insights to screen applicants more accurately at the start of your loan-decisioning process, accepting the most creditworthy consumers, while segmenting higher risk applicants for further analysis.

>> Middle of the data waterfall AI-powered insights help inform decisions and effectively target segment products and offers based on the appropriate risk level, e.g. an auto lender can tune a Microclimate score to assess the unique risk thresholds for expensive cars, and use a different score for entry level or pre-owned models.

>> Low in the data waterfall Lenders can apply real-time, AI-powered insights to reanalyze rejected applicants for overlooked indications of creditworthiness, and fine-tune risk models to suit your particular business goals, profitability model, and budget.

Fair and Sunny: Accelitas delivers the Microclimate

difference

Ai Lift, the AI-powered Credit Risk Web Service from Accelitas, is transforming the lending landscape. Lenders have various business goals and tolerance for risks. Markets vary by industry and patterns of risk. AI Lift tailors analysis for specific lenders, and then refines that analytical model over time, giving lenders an increasingly predictive and accurate Microclimate score for credit risk assessments.

Even when operating in new markets or markets where credit overall is tightening, Ai Lift can help you approve more applicants, confident that these approvals will lead to lower risk and increased profits.

Want to learn more?
Download our

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How to weather the latest lending forecast: Let a Microclimate™ credit score guide you.

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Micro-Climate credit scores are becoming the guiding principle for how to weather and navigate the current lending landscape. With the use of Accelitas's AI Life tool, an AI-powered Credit Risk Web Service, it is changing the way lenders are looking at their current landscape and access new borrowers.

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It’s only fair. Predictive analytics is a win/win for both borrowers and lenders.

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It’s only fair. Predictive analytics is a win/win for both borrowers and lenders.

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New CFPB study shows AI and machine learning can approve significantly more applications, while yielding lower average AP Rs; AI Lift proves itself twice as predictive as the competition But not all screening methods are created equal
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. Enlisting advanced analytic tools including AI and alternative data, credit risk web services like AI Lift are delivering a new standard of access and fairness. Fairness for the millions of creditworthy applicants unable to access lower interest rates through traditional screening methods, and fairness for lenders who need a frictionless method for reaching the "invisible" customers who can grow their business.
Speaking of Fair....
The advantages of predictive analytics was recently confirmed by the Consumer Financial Protection Bureau (CFPB). In a study of underwriting models, the CFPB concluded that methodology using alternative data and machine learning approved 27% more applications than a traditional lending model and yielded 16% lower average APRs. Additionally, the expansion of credit access reflected across all tested race, ethnicity, and sex segments and significantly expanded access in many consumer segments, such as "near prime" consumers, applicants under 25 years of age, and consumers with incomes under $50,000.

In a recent data test of 18 competitive credit screening scores, AI Lift from Accelitas delivered twice the predictive lift over the vendor average - at 77% the cost of our nearest competitor. By identifying more good customers, AI Lift's advanced analytics can deliver a ROI of 30:1, creating a win/win scenario for everyone.

To ensure compliance with FCRA regulations, it's important that any "no" decision is explainable, even if the decision to turn down a consumer seeking credit was made with the assistance of AI-powered analytics. AI Lift delivers insights that are both predictive and interpretable. Our Explainable AI enables lenders to apply AI techniques at the top of a data waterfall, accepting more profitable accounts before additional data costs are incurred, while providing the information necessary to support lender compliance with FCRA adverse action notice requirements.

We'll dig deeper into that in a future blog

Want to learn more?
Download our

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It's only fair. Predictive analytics is a win/win for both borrowers and lenders.

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New CFPB study shows AI and machine learning can approve significantly more applications, while yielding lower average APRs; Accelitas AI Lift proves itself twice as predictive as the competition. In a recent data test of 18 competitive credit screening scores, AI Lift from Accelitas delivered twice the predictive lift over the vendor average - at 77% the cost of our nearest competitor.

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Ai Lift is giving credit risk a new angle.

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Ai Lift is giving credit risk a new angle.

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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?

In today's credit marketplace, getting from Point A to Point B isn't always a straight line. Lenders have various business goals and risk tolerance. Markets vary by industry and risk pattern. And consumers are demonstrating spending and savings habits that are no longer consistent with previous generations. If you follow the traditional scores and credit risk rules, you're probably writing off perfectly good customers.
Stay ahead of the curve. And the competition.
Now imagine a system that shares your standard of credit risk, but has the power to expand your opportunities. and give financial access to millions on creditworthy borrowers. Both the lenders and the borrowers benefit thereby creating more opportunity for both parties.

Ai Lift from Accelitas is designed to find hidden indicators of creditworthiness, using advanced analytics to bend the traditional curve so you can identify and accept more good customers. Using AI techniques ofmachine learningto combine existing data with uncorrelated alternative data, it's possible to enhance the risk segmentation to identify profitable customers you would otherwise have overlooked with traditional screening services that deliver incomplete or misleading results. Certain populations do not have long credit histories of "typical" assets that are usually associated with positive credit decisions. Ai Lift removes barriers to capital while simultaneously helping lenders grow their business.

Bending the curve gives you an edge on the competition, opening up new customers and new markets while returning a high ROI. In a recent data test of 18 competitive credit screening scores, Accelitas delivered twice the predictive lift over the vendor average - at 77% the cost of our nearest competitor.
Next: Compliance is an issue. And Explainable AI is the answer. Details in our upcoming blog.
Want to learn more?
Download our free eGuide.

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Ai Lift is giving credit risk a new angle.

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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?

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Giving traditional credit scores a serious turbo charge

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Giving traditional credit scores a serious turbo charge

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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. They serve their purpose. But our AI-powered credit risk web service is designed to take generic scores to another level. AI Lift's FCRA compliant credit models are based on alternative data that is uncorrelated with traditional credit data, enabling your business to accept more creditworthy borrowers from the same leads. And by leveraging this same unique alternative data source, AI Lift lets you evaluate the estimated 50-70 million U.S. adults that traditional credit screening services miss altogether. Given access to more un-scored or thin-file accounts, our clients are seeing an increase of 20-30% in profitable new customers.

Why just scratch the surface? AI Lift goes deeper to deliver real value.
Next: Compliance is an issue. And Explainable AI is the answer. Details in our upcoming blog.

Want to learn more?
Download our free eGuide.

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Giving traditional credit scores a serious turbo charge

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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.

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It’s only fair. How Explainable AI is transforming compliance

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It’s only fair. How Explainable AI is transforming compliance

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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.

So where do AI-powered analytics fit in? Today's advanced technologies use both linear and non-linear analysis to deliver deeper and more accurate results. But can this non-traditional data explain a simple yes or no decision? The short answer: yes. Our data scientists use sophisticated AI techniques that combine linear and non-linear analysis, deriving benefits from each approach. Enlisting this multi-faceted approach, it's possible to separate the signal from the noise to produce insights that are both predictive and explainable, even if the data behind the decision doesn't lend itself easily to linear analysis.

It's called Explainable AI, and when combined with our Credit Reporting (CRA) partners it gives lenders the confidence they need to explain their credit decisions while using uncorrelated alternative data.

Federal agencies agree on alternative data in Loan Decisioning

In a recent interagency announcement, The Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency recognized "alternative data's potential to expand access to credit and produce benefits for consumers," and cited the importance of "a well-designed compliance management program" to analyze relevant consumer protection laws and regulations.

You can read the full statement here.

Accelitas is already enlisting alternative data to expand fairness and opportunity in lending, creating financial access for millions. Through AI Lift, our AI-powered Credit Risk Web Service, we help identify and approve the millions of creditworthy customers that traditional credit screening miss - from GenZ and recent immigrants, to a growing population of Millennials who no longer follow the established benchmarks for saving, spending, and banking. AI Lift's predictive analytics help give more people the credit they deserve, while opening up huge new opportunities for lenders to grow their business. Societal behaviors are changing so it only makes sense to use new strategies to lift credit and create financial access for more potential borrwers.

And thanks to Explainable AI, those decisions can be fair and compliant. It's a win/win/win scenario.

Want to learn more?
Download our free eGuide.

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It's only fair. How Explainable AI is transforming compliance

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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.