C2 Systems and Informed, Inc. Partner to Eliminate a Key Bottleneck in Loan Origination

COLLEYVILLE, Texas, May 3, 2019 /PRNewswire-PRWeb/ -- C2 Systems, LLC, a leading developer of cloud-delivered, AI-supported loan origination solutions, has partnered with Informed, Inc. ("Informed"), the technology pioneer in using Advanced Optical Character Recognition, Machine Learning, Artificial Intelligence, and SMS technologies to quickly detect and resolve account and loan application defects. The Informed functionality will be fully integrated into C2's Covalent platform, enabling the removal of the stipulation bottleneck in the account opening or approval-to-funding process. Informed's cutting edge technology enables users of Covalent to programmatically detect account or loan documentation defects and resolve them by initiating text messages directly to loan applicants to securely collect, analyze, classify, and validate forms of ID, paystubs, utility bills, bank statements and other documents to quickly and accurately verify identity, income, residence, employment and insurance coverage.

Covalent already offers huge efficiency gains through AI-driven decisions, along with fully integrated docs and e-signature capabilities. With the Informed integration, additional efficiency gains will be achieved in two key areas: Customers applying through the mobile channel will now be automatically prompted to confirm their identity, residency, insurance, income and work status by taking pictures of pertinent documents with their smart device as a part of the initial application process. Automating these verifications and moving them to the front of the originations process greatly reduces the need to perform such verification work after the request is approved. Once the request is in process, a second benefit occurs when Covalent users are able to initiate text message-based requests directly to the applicant to collect information in lieu of having the customer insecurely email or deliver the required information to the branch.

"Although Informed's initial focus has been in the auto finance sector, their technology is a great fit with our vision of enabling FI's to meet the needs of today's customers who are applying for consumer and business banking loans and want same-day, or in some cases, same-hour funding," said Stephen G. Sargent, president and chief executive officer of C2 Systems. "With key partners such as Informed, we're achieving our goal of providing financial institutions the tools they need to provide a game changing customer experience." Ultimately, for the C2 Systems team, it's all about creating remarkable customer experiences and ensuring that its clients remain relevant in the marketplace. Add-in innovations like Informed and other workflow solutions also enable C2's clients to achieve significant cost reduction in loan origination.

"We are excited about our partnership with C2. Pairing the Covalent loan origination system with our fully integrated Informed real time document collection and analysis solution will dramatically streamline processes that now take multiple days down to minutes. Our core competencies are delivering amazing consumer experience through technology and partnering with industry leaders like C2 Systems. Our combined solution will provide lenders with the tools to process transactions more quickly, reduce policy exceptions, and fund complete loan packages that have higher performance," said Informed's Founder and CEO Justin Wickett.

About C2 Systems
C2 Systems, LLC is a leading developer of cloud-based, automated credit application decision support technology. Clients use C2 Systems solutions to quickly and consistently process consumer and small commercial loan applications from point of sale, through underwriting and document preparation, with an integrated hand-off to the financier's loan servicing platform. C2 Vision offers a rapidly deployable data aggregation and decision engine for larger lenders. C2 Covalent provides community and regional banks, finance companies and credit unions with digital banking tools equivalent to those used by the largest national lending institutions.

For more information about C2 Systems, visit http://www.Go-C2.com, or http://www.linkedin.com/company/c2-systems-usa/

About Informed, Inc.
Informed is a San Francisco startup bringing OCR-based business process automation for document processing to the financial services industry. Informed automates consumer document collection, analysis and data extraction in real time from scanned and PDF documents using machine learning. Its models are based on millions of actual consumer documents that banks have shared with Informed for loan originations and funding. Informed currently processes documents for about 2% of auto loan originations in the US and analyzes consumer documents with PII using software models based on advanced OCR and machine learning. Real time access to the information on consumer submitted documents enables banks to make better decisions and fund more loans with complete loan packages.

For more information, please visit https://www.driveinformed.com/

SOURCE C2 Systems LLC

Related Links

http://www.go-c2.com