BURLINGAME, Calif.–ForecastThis, Inc., a provider of machine learning and artificial intelligence, has officially launched its financial services platform, LendingLens.
According to the company, LendingLens is a configurable platform solution, providing lenders with direct access to the untapped predictive intelligence of their own data assets. “The system 'plugs into' a lender's historical loan data and applies advanced machine learning processes,” ForecastThis said. The platform then provides intuitive predictive analytic tools, which dramatically improve loan decisioning.
"By having access to the risk intelligence contained in their own data, our beta customers are seeing real and significant performance improvements. This includes the ability to lower default rates, increase yield by multiple percentage points and, perhaps most importantly, approve a greater number of loans at a much faster rate,” said CEO John Tilly.
The company added that LendingLens features a robust dashboard with advanced threshold management tools that enable the lender to set portfolio goals for default and yield levels. An intuitive Loan Manager system processes new applications and provides instant contextual scoring and feedback, the company added.
"This will enable lenders such as credit unions to differentiate themselves, to provide better service to their members and to increase productivity and control,” said Stan Barnes, VP of LendingLens.