Inovatec Selects AI Provider Point Predictive to Reduce Fraud and Create Efficiencies for Auto Lenders
Leading developer of cloud-based automotive lending solutions adds new enriched data sources to its LOS, reducing risks
BURNABY, BC / ACCESSWIRE / March 30, 2022 / Inovatec Systems, a major provider of industry-leading, cloud-based software solutions for automotive lending institutions, announced it has joined forces with San Diego’s Point Predictive, a provider of high-performance artificial intelligence (AI) solutions for the lending industry. The two companies have forged a strategic partnership, leveraging Point Predictive’s comprehensive, consortium-based credit data as part of Inovatec’s versatile loan origination platform, to reduce risks and increase efficiencies for automotive lenders.
Inovatec’s agile, cloud-based solutions allow financial institutions to speed both the underwriting and long-term management of loans through intelligent automation that can be customized to their needs. The company’s loan origination and loan management systems are highly customizable and flexible, allowing lenders to change workflows and create new business processes as needed. This technology, integrated directly with Point Predictive’s AI-powered data enrichment software, enables lenders to utilize better datasets and implement more accurate risk prediction to improve the quality and speed of the loan approval process.
“Point Predictive shares our philosophy that innovative technology is the best path to helping lenders securely and seamlessly address the requirements of a rapidly evolving market,” said Vlad Kovacevic, Inovatec’s co-founder and chief executive officer. “Point Predictive’s sophisticated, data-based fraud and risk scoring solutions-combined with Inovatec’s proven LOS offering-will give our customers stronger operational efficiencies, faster decisioning, and greater profitability, all with reduced risk factors.”
The collaboration will build on Inovatec’s history of providing customers with best-in-class service and maximum flexibility. Both companies are confident that Point Predictive’s artificial intelligence-based solutions and automation will help Inovatec customers attain high levels of efficiency and fraud-loss reduction.
“Inovatec has built a substantial business in North America, and currently has a 50 percent share of the Canadian auto lending market,” said Tim Grace, chief executive officer of Point Predictive. “Inovatec’s lenders can now leverage the power of Point Predictive’s growing consortium of enriched credit data, which can help reduce the risk of fraud while realizing the effectiveness of integrated automation. We are an ideal partner to help further Inovatec’s plans to enhance its services and expand in the United States.”
For information on Inovatec’s integrated loan origination system, loan management system, and customer portal solution, visit www.inovatec.com.
Inovatec Systems Corporation’s proven cloud-based loan origination and loan management solutions improve business outcomes for automotive, power sports equipment, and other lenders across North America, Europe, and additional markets. Inovatec’s uniquely flexible platform empowers lenders to satisfy fast-changing customer requirements, increase revenue, reduce operating costs, and improve customer experiences-all through an intuitive, easy-to-configure and manage interface. For more information, please visit www.inovatec.com.
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