SAN DIEGO, Aug. 16, 2018 /PRNewswire-PRWeb/ -- DecisionLogic, a leading fintech company, announced today a significant enhancement to its instant account verification (IAV) technology to help lenders gain deeper insights into borrower income and spending trends.
IAV reports now feature a greater diversity of summary analytic transaction categories. Leveraging DecisionLogic's machine learning capabilities and over 2 billion bank transactions residing in its database, these new summary analytics provide a highly convenient and unique view into borrower behavior while addressing the broad variety of lender processes and preferences.
The new features and enhancements include:
- Expansion of income categories beyond payroll and ACH to include Military Payroll and Other Income. Military Payroll includes salary and allotments from Defense Finance and Accounting Services (DFAS) and is particularly helpful in aiding lenders seeking compliance with the Military Lending Act. Other Income dramatically increases the granularity of which non-standard income sources are identified, including government benefits, retirement income, tax refunds, child support, unemployment benefits, and pension income. This section now also includes a self-employment category that captures platform types of income from such operators as Uber, Lyft, and DoorDash.
- Expansion of categories that are useful determinants of a borrower's ability to repay, including wage garnishment, debt collection payments, court-ordered debits (civil and tax), overdraft fees, and various other qualifying transactions. With these categories, lenders can quickly ascertain whether there are certain red flags that automatically default a loan application or require additional scrutiny before funding a loan.
- Expansion of transactions that appropriately flag different loan types, such as mortgage, credit cards, auto, student, personal, and business loans.
- Expansion of additional account activities, including overdraft protection, wire transfers, ATM withdrawals, and ATM deposits. Having access to advanced analytics around these types of activities alerts lenders to potential signals useful in determining key elements of borrower behavior.
With thousands of business rules applied to each bank transaction, DecisionLogic's algorithms categorize and summarize transactions with precision and are extremely useful in identifying potential fraud from prospective borrowers. Future enhancements will include the ability for lenders to create categories that are exclusive to their existing requirements and/or assign a weighting to individual results to provide custom, lender-specific scoring and filtering.
David Evans, DecisionLogic President and Co-founder, stated, "Over the last year, we have worked hard to provide a wider and deeper set of analytics within our bank verification offerings while keeping the product entirely digestible and consistent. Our customers constantly grapple with bank statements that often fluctuate wildly from borrower to borrower, in addition to the variances that regularly occur resulting from differences in individual bank reporting. Our summary analytics effectively level the playing field in terms of underwriting decision making and allow lenders to improve their processes through deep data mining and benchmarking."
Mr. Evans continued, "We are firm believers in the power of the bank statement to determine credit worthiness. With more than 25 million consumers served through our platform to date, DecisionLogic is in a unique position to harness the power of data in ways that allow our customers to lend more, in less time and with greater accuracy."
For additional details, please visit DecisionLogic's corporate website http://www.decisionlogic.com.
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About DecisionLogic
Founded in 2011, San Diego-based DecisionLogic's innovative Instant Account Verification (IAV) service helps lenders make critical loan decisions quickly and accurately. This service provides lenders the ability to verify a borrower's identity, account number, and balance in real-time. It also provides access from 90 to 365 days of data of the borrower's account transaction history. This automated real-time process removes many of the problems encountered with traditional methods of loan decision-making. IAV empowers lenders to make fast and accurate decisions critical to the success of their business. For more information, visit http://www.decisionlogic.com.
SOURCE DecisionLogic
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