Tag: loan originations
As digital borrowing continues to gain prominence, fintech lenders must leverage data and analytics to fuel growth while mitigating risk.
In today’s evolving and competitive market, the stakes are high to deliver both quantity and quality. That is, to deliver growth goals while increasing customer satisfaction. OneAZ Credit Union is the second largest credit union in Arizona, serving over 157,000 members across 21 branches. Wanting to fund more loans faster and offer a better member experience through their existing loan origination system (LOS), OneAZ looked to improve their decisioning system and long-standing underwriting criteria. They partnered with Experian to create an automated underwriting strategy to meet their aggressive approval rate and loss rate goals. By implementing an integrated decisioning system, OneAZ had flexible access to data credit attributes and scores, resulting in increased automation through their existing LOS – meaning they didn’t have to completely overhaul their decisioning systems. Additionally, they leveraged software that enabled champion/challenger strategies and the flexibility to manage their decision criteria. Within one month of implementation, OneAZ saw a 26% increase in loan funding rates and a 25% decrease in manual reviews. They can now pivot quickly to respond to continuously evolving conditions. “The speed at which we can return a decision and our better understanding of future performance has really propelled us in being able to better serve our members,” said John Schooner, VP Credit Risk Management at OneAZ. Read our case study for more insight on how automation and Experian Decisioning can move the needle for your organization, including: Streamlined strategy development and execution to minimize costly customizations and coding Comprehensive data assets across multiple sources to ensure ID verification and a holistic view of your prospect Proactive monitoring and real-time visibility to challenge and rapidly adjust strategies as needed Download the full case study
In this latest installment of “working with vendors” let’s dive into some best practices for writing RFIs and RFPs.
If you’re looking to buy new decisioning software, your first inclination might be to issue an RFI or an RFP. However, that may not be the best idea.
According to Experian’s Q3 2019 State of the Automotive Finance Market report, used vehicle financing increased across all credit tiers.
Time is the only resource we can’t get more of, which is why we obsess over saving it. Over the last several years, a new time saver has emerged – APIs.
New year, new personal loans. As Americans kick off the year seeking debt consolidation, consumer insights shed light for your future marketing efforts.
Delinquency rates for auto loans moved up slightly in the last quarter of 2013, with the 30 to 59 days past due (DPD), 60 to 89 DPD and 90 to 180 DPD delinquency rates at 2.18 percent, 0.56 percent and 0.24 percent, respectively.