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Automotive News – AI can automate income verification

Jan 12, 2022

Using Artificial Intelligence and Robotics Process Automation, Informed.iq is revolutionizing the lending industry, allowing lenders to turn documents and data into decisions in real-time while also improving compliance and reducing fraud.

According to an article in “Automotive News”, auto dealers and companies such as Ally, DriveTime and Westlake Financial are now using AI and RPA technology from Informed.iq to accelerate and improve the stip process as part of their auto lending operations.

Informed can automate “over 95 percent of situations” with artificial intelligence reviewing documentation images and confirming information such as income or address immediately, says CEO Justin Wicket in the article.

Going far beyond just image recognition (OCR), Informed.iq calculates income in real-time according to your policies and verifies applicant information with its contributory database and over 44 different document types including paystubs, bank statements, SSI award letters, W-2s, tax returns, and many others.

In addition to its large presence in the auto lending market, Informed.iq is also helping lenders automate and improve processes for personal loans, student loans, mortgages and other areas of consumer lending.

Informed as featured in Automotive News:

 

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