Open Lending Named Finalist for 2023 NAFCU Innovation Award
06 Novembro 2023 - 10:00AM
Business Wire
Recognized for empowering credit unions to
expand automobile access to more near- and non-prime borrowers
through its newly enriched Lenders Protection™ program, Open
Lending will present best practices for meeting ROA targets and
managing risk at the NAFCU Lending Conference
Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or the
“Company”), an industry trailblazer in automotive lending
enablement and risk analytics solutions for financial institutions,
today announced its recognition as a finalist for the 2023 NAFCU
Innovation Award for its enhanced Lenders Protection™ program.
Announced last week, the addition of new alternative data
attributes more accurately identifies the risk profiles of more
credit-worthy applicants along with new-to-credit individuals,
empowering financial institutions to extend loans to more
applicants while growing return on assets and managing risk through
advanced AI capabilities. The NAFCU Innovation Awards recognize
groundbreaking technology and software solutions that meaningfully
enable credit unions to succeed in an ever-changing
marketplace.
“We are proud to be acknowledged for our Lenders Protection
offering and its ability to support credit unions’ mission of
serving traditionally overlooked borrowers,” said Keith Jezek, CEO
of Open Lending. “By harnessing over 20 years of proprietary and
extensive third-party data to analyze 2 million risk profiles in as
little as five seconds, credit unions can automate the decisioning
process to expand their borrower base with lower credit scores
while also structuring and pricing auto loans backed by default
insurance.”
With access to additional criteria from TransUnion and
LexisNexis, Lenders Protection now further expands auto lending
inclusivity and improved loan decisioning accuracy. The addition of
alternative data attributes, like the number of payments made over
the past year and time elapsed since the initiation of the first
auto loan, when coupled with Open Lending’s proprietary,
cutting-edge AI provides an even greater ability to make vehicle
ownership a reality for often overlooked buyers. Relying on FICO
scores alone is often insufficient for determining borrower
creditworthiness and Lenders Protection with an enhanced scorecard
helps better identify deserving borrowers in the near- and
non-prime credit segment.
The winners will be announced at the NAFCU Lending Conference
November 7 – 9, 2023 in New Orleans, Louisiana, where Open Lending
will also be presenting a session on “The Untapped Opportunity for
Auto Lenders.” Based on the Company’s experience serving more than
450 financial institutions and insuring over $20 billion worth of
loans, Chief Revenue Officer Matt Roe will share how Lenders
Protection can help financial institutions meet ROA targets, reduce
decisioning time, manage risk, and effectively identify borrower
creditworthiness.
“I’m thrilled to share with members of the credit union
community how Lenders Protection can expand vehicle ownership for
underserved borrowers,” said Matt. “Many individuals in the near-
and non-prime credit segment are simply new to credit and the
credit unions that utilize industry-leading AI and machine learning
tools can better identify those reliable individuals who tend to
later emerge as prime borrowers and, in turn, earn their long-term
loyalty. The near- and non-prime credit segment is an untapped $270
billion market opportunity and Lenders Protection can empower
credit unions to meet ROA targets, manage risk, and make the dream
of vehicle ownership a reality for many more Americans.”
About Open Lending
Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based
pricing, risk modeling and default insurance to auto lenders
throughout the United States. For over 20 years we have been
empowering financial institutions to create profitable auto loan
portfolios in excess of $20 billion with less risk and more reward.
For more information, please visit www.openlending.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231106157970/en/
Alison Smith for Open Lending openlending@ink-co.com
Investor Relations Inquiries openlending@icrinc.com
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