Inovatec to leverage Point Predictive data to curb fraud, reinforce efficiencies
The exhibit booths of Inovatec Systems and Point Predictive were nearly adjacent during the Vehicle Finance Conference hosted by the American Financial Services Association last month.
Now the tech firms now officially are joining forces.
Last week, Inovatec Systems and Point Predictive said they have forged a strategic partnership, leveraging Point Predictive’s comprehensive, consortium-based credit data as part of Inovatec’s versatile loan origination platform, to reduce risks and increase efficiencies for automotive finance companies.
Inovatec’s agile, cloud-based solutions can allow financial institutions to speed both the underwriting and long-term management of paper through intelligent automation that can be customized to their needs.
The company said it loan origination and loan management systems are highly customizable and flexible, allowing lenders to change workflows and create new business processes as needed.
Inovatec co-founder and chief executive officer Vlad Kovacevic explained this technology, integrated directly with Point Predictive’s AI-powered data enrichment software, can enable finance companies to utilize better datasets and implement more accurate risk prediction to improve the quality and speed of the loan approval process.
“Point Predictive shares our philosophy that innovative technology is the best path to helping lenders securely and seamlessly address the requirements of a rapidly evolving market,” Kovacevic said in a news release.
“Point Predictive’s sophisticated, data-based fraud and risk scoring solutions — combined with Inovatec’s proven LOS offering — will give our customers stronger operational efficiencies, faster decisioning, and greater profitability, all with reduced risk factors,” he continued.
The company pointed out that the collaboration will build on Inovatec’s history of providing customers with sterling service and maximum flexibility.
Both companies are confident that Point Predictive’s artificial intelligence-based solutions and automation will help Inovatec customers attain high levels of efficiency and fraud-loss reduction.
“Inovatec has built a substantial business in North America, and currently has a 50 percent share of the Canadian auto lending market,” Point Predictive chief executive officer Tim Grace said. “Inovatec’s lenders can now leverage the power of Point Predictive’s growing consortium of enriched credit data, which can help reduce the risk of fraud while realizing the effectiveness of integrated automation.
“We are an ideal partner to help further Inovatec’s plans to enhance its services and expand in the United States,” Grace went on to say.