AURORA, Colo.–Origence has announced two new partnerships with fintechs. The partnerships, with Informed.IQ and Zest.Ai, were announced during the company’s Lending Tech Live event in Colorado.
According to Irvine, Calif.-based Origence, Informed.IQ will power Origence’s Document Process Automation functionality for Indirect Lending to automatically identify documents and validate financing policies, “creating a better credit union and dealer experience.
“Through accurate consumer income calculations and validation of applicant data, loan documents, and documented classification and stacking, loans are processed faster and more accurately, with reduced human errors and fraud risk, and added operational efficiency,” Origence said.
According to Origence, 1,130 credit unions serving more than 64-million members nationwide utilize the CUSO’s industry-leading lending technology solutions, for direct and indirect lending, including its consumer LOS arc OS (previously Lending 360), and the CUDL dealer network.
Streamlining Process
Origence added that through its 15,000+ dealer network, Informed’s technology will “complement Origence’s technology to provide credit unions a way to streamline indirect loan processing, enabling faster loan funding, as well as provide dealers with a fast, convenient way to upload missing documents.”
Origence noted that over the last year, credit unions’ share of the auto lending market has increasedto 22.1% from 18.6% YoY ending June 2022.
“The partnership with Informed.IQ will allow Origence to accelerate their continued growth in this market, while continuing to offer products and solutions that deliver an exceptional experience to credit unions in a rapidly evolving environment,” the company said. “Informed’s artificial intelligence modeling engine performs complex calculations ensuring accuracy, identifying omissions, and combating fraud. With a 99% accuracy rate, dealers and credit unions can now focus less on collecting and validating data and more on developing strong customer relationships.”
Added Brian Hendricks, chief product officer for Origence, “Partnering with Informed.IQ to integrate their leading AI-based technology allows us to advance our lending systems’ capabilities and performance, further streamlining the overall loan process for our credit unions and their members
Partnership With Zest AI
Separately, Origence said it is also integrating with Zest AI, a leader in expanding access to credit through better scoring, and winner of NACUSO’s 2022 CUSO of the Year Award.
Origence reported it will integrate Zest AI’s Model Management System (MMS) credit scoring technology into the automated underwriting module for its consumer lending platform – arc OS (previously Lending 360) – providing credit unions partnered with Origence with “unrivaled automated decisioning and more accurate credit scoring methods.”
“Credit underwriting with Zest AI’s machine learning algorithms allows a credit union to use thousands of data points to determine a credit score, meaning the lender can make more equitable credit decisions than when using traditional methods and other competing models,” Origence said. “On average, Zest AI customers see a 25% increase in approvals without expanding risk tolerance. Approvals increase to around 40% when specific demographics like women and protected class borrowers are defined in analysis.
‘Unmatched’ Automation
“Incorporating Zest AI’s advanced machine learning technology greatly enhances overall loan decisioning capabilities of our consumer lending platform,” said Hendricks. “We are excited to partner with Zest AI to provide unmatched automated underwriting and credit scoring capabilities that further simplify the lending process, benefitting both our credit union partners and their members.”