PitchIt Podcast: Informed.IQ Co-Founder & CEO discusses the benefits of using AI in consumer lending

Jun 22, 2021

Artificial intelligence or AI has quickly become one of the most popular buzzwords in all of fintech. Companies constantly highlight their use of AI, but there are only a few that are using AI in a practical way. Informed.IQ is one of those companies. Informed.IQ unlocks the information trapped in loan applications and eliminates manual reviews via AI and machine learning.

The company works with financial institutions of all sizes to help them make the lending process more efficient and reliable. I really enjoyed the conversation as we delve into the benefits of AI, the differences between AI and robotic process automation or RPA and some career advice for aspiring fintech entrepreneurs. I hope you enjoy the show.

In this podcast you will learn:

  • How AI is helping lenders of all sizes
  • How AI is different from RPA
  • AI is still in its infancy
  • Complex scenarios still involve human intervention
  • AI should not be generalized
  • A new credit score is needed
  • True income is not being realized today
  • 15 – 20 percent of applications had falsified documents accompanying them during 2020
  • Covid was an accelerator for Informed
  • Read “Power Up: How Smart Women Win in the New Economy” by Magdalena Yesil, Informed’s Co-Founder

Download a PDF of the transcription of Podcast No. 9 Justin Wickett