Determining the risk presented by lending to subprime and no file borrowers has historically been difficult. Decades of credit scoring expertise, data science, and alternative data insights led to the formation of Lokyata and its robust suite of AI products. Lokyata helps any lender build and scale credit decision-making excellence. Their line of products is specifically designed from the ground up to address shortcomings in the current credit reporting systems for subprime, thin file, and no file borrowers, helping them obtain the credit that they deserve. Let’s look at exactly what Lokyata offers.
ExcelRate is a digital decision-making platform that automates the origination workflow from loan application screening to final underwriting. Borrower repayment outcomes are constantly fed back to the AI models so they learn how to continuously improve underwriting strategies, which in turn lowers costs and increases ROI. Just as important is the detection of fraudulent applications. FraudBlock similarly uses AI for identity and fraud detection. By spotting patterns in borrower data and behavior, this robust tool helps reduce fraud and decrease the number of defaults.
Then there’s BankAnalyze. This instant bank verification and cashflow analysis product provide the most accurate financial behavior profiles and scores, allowing lenders to automate funding decisions. Lokyata has created the only AI platform in the US market that fully customizes lending, identity verification, and instant bank verification and statement analysis to near-prime and subprime borrowers. By leveraging AI, they have made it possible for lenders to take calculated risks without damaging ROI. It’s all about data science so lenders can make better lending decisions at scale, lowering risk and increasing profits. Lokyata is the future of underwriting powered by AI. You can find out more about their suite of products by visiting lokyata.ai today.