Point Predictive Joins Forces with Cloud Solutions Leader Inovatec in Rapid Expansion of Auto Lending Market
SAN DIEGO, March 8, 2022 /PRNewswire/ — Point Predictive, the San Diego-based company that provides artificial intelligence (AI) solutions to the lending industry, and Inovatec Systems Corp., a provider of industry-leading, cloud-based software solutions for financial institutions across Canada and the United States, today announced a strategic partnership to increase operational efficiencies for automotive lenders.
“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, CEO of Point Predictive. “We believe Point Predictive is the ideal partner for Inovatec’s plans to expand in the United States, as we can leverage the power of our growing consortium-based risk scores with Inovatec’s cloud-based software solutions to increase automation and reduce fraud risk. This collaboration will build on Inovatec’s history of providing customers with best-in-class service with maximum flexibility. We are confident Point Predictive’s artificial intelligence-based solutions and automation will help Inovatec customers attain new levels of efficiency and fraud-loss reduction in both countries.”
Inovatec’s agile cloud-based platform allows any financial institution to create processes and workflows that can be seamlessly and immediately implemented with minimal training. This technology, integrated directly with Point Predictive’s software and AI, enables lenders to leverage better datasets and more accurate risk prediction to improve the quality and speed of the loan approval process without added risk.
“We are looking forward to working with Point Predictive, which shares our philosophy that the implementation of innovative technology offers the best path for lenders to satisfy the evolving requirements of a fast-paced, competitive 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 cloud-based LOS offering—will give our customers stronger operational efficiencies, faster decisioning and greater profitability.”
“Inovatec has always found ways to be nimble and adaptive to meet their lenders’ needs, and just like Point Predictive, they are always looking for the next way to improve their processes,” explained Andrew Stamps, Point Predictive’s Director of Partnerships. “This is a union of two partners with common goals – identifying risk and adding value – and we expect huge growth ahead.”
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About Point Predictive Inc.
Point Predictive powers a new level of lending confidence and speed through the unique combination of artificial and natural intelligence using decades of risk management expertise. The company’s technology solutions quickly and accurately identify who is reporting truthfully on their loan applications and who is not. As a result, lenders are now able to fund loans easily without asking the vast majority of applicants for onerous documentation such as paycheck stubs, utility bills or bank statements. This improves funding rates by 40-50% while reducing overall early payment default losses by more than 30%. Borrowers get loans faster and we significantly boost profits to a lender’s bottom line. Located in San Diego, California, more information about Point Predictive can be found at www.pointpredictive.com.
About Inovatec Systems Corp.
Inovatec Systems Corporation is an industry-leading provider of cloud-based software solutions for automotive and equipment financing institutions. The seamless platform is ideal for external partner and customer communications through a robust ecosystem that streamlines the process of crediting, auditing, funding and income verification for finance applications. For more information, please visit www.inovatec.com.
SOURCE Point Predictive