Crescent Bank partners with Informed.IQ to simplify the lending process for its auto dealerships
NEW ORLEANS and SAN FRANCISCO, September 20, 2022 /PRNewswire/ — Informed.IQ, a provider of AI-powered software that verifies consumer credit and automotive applications, is enabling Crescent Bank to better serve its dealers with AI-driven automation, making it easier to submit documents, clarifying stipulations, speeding up the loan process and ensuring timely financing. They will receive accurate consumer income calculations and validation of applicant data, faster and more accurate loan processing, and reduced risk of fraud.
With this new operational enhancement, Crescent Bank continues to deliver cost-effective solutions to dealers while maintaining exceptional customer service and growing their nationwide lending footprint. Reducing the cost of credit by automating checks improves their ability to support consumers and dealers.
“Partnering with Informed.IQ ensures we keep up with digital technology while allowing us to focus on personal relationships with our customers and providing a better experience for our dealers,” said Geoff BenoitSVP – Head of Loans, Crescent Bank.
Informed’s AI and modeling perform complex calculations ensuring accuracy, identifying omissions and fighting fraud. With a 99% accuracy rate and guaranteed service rates, dealers can focus less on collecting and validating data and more on building strong relationships with their customers.
“Crescent Bank is a great example of a forward-thinking bank leveraging cutting-edge technology to better serve its dealers,” said Justin Wicket, CEO of Informed.IQ. “They understand the importance of improving the dealership and customer experience.”
Informed.IQ’s technology goes beyond image recognition and document content confirmation. With real-time, contactless loan processing capabilities, Informed enables lenders to comply with regulatory requirements and be audit-ready.
Informed.IQ uses AI and ML to instantly verify income, assets, residency, insurance, auto and credit stipulations, and more, enabling reliable, real-time, party-free credit decisions taken. Our templates process hundreds of document types and consumer-authorized data sources, automating stipulation verification. In 2021, Informed processed over 3.4 million credit applications, automating over $110 billion in loans to date. The solution automates checks with 99% accuracy in seconds without human intervention.
Originally focused on auto loans, where six of the top ten auto lenders use Informed, financial institutions now use Informed for mortgages, credit cards, personal and student loans, and automated bank account openings. Visit informed.iq and follow Informed on LinkedIn.
About Crescent Bank
Crescent Bank is a New Orleans community bank specializing in car loans and banking services. Named in honor of the “crescent city“, its auto loans come from its nationwide network of dealerships. Crescent Bank uses sophisticated risk modeling and data analytics to make smart, competitive lending decisions. Banking services are provided in-person at the largest New Orleans metropolitan area and online nationwide. Crescent Bank’s deposit products, particularly certificates of deposit, are offered at some of the most attractive interest rates in the market.
We are committed to providing courteous and professional service and to enriching the financial lives of our clients. We employ over 400 people across the country and are proud to serve our customers nationwide.