AutoPass is the automotive industry’s only FCRA & GLBA-compliant fraud and early payment default risk solution that allows the automation of loan application decisions to increase loan capture rates by up to 40-50% while simultaneously reducing losses by 40-50%. It addresses the growing $8B auto loan fraud problem by revealing hidden risks in loan applications, empowering credit unions to reduce losses, and automating loan approvals. By leveraging data from more than 230 million auto loan applications, AutoPass can help credit unions reduce losses by up to 50% while also decreasing friction for their lowest-risk members by waiving unnecessary stipulations and manual reviews. Lenders can choose between the FCRA-compliant version of AutoPass, allowing it to be embedded in automated credit decisions, or the GLBA version to manage loan stipulations, depending on their specific needs.

As part of this exciting new offering, Sync1 Systems customers are eligible for a 30-day free AutoPass trial and a 20% discount on the first year’s licensing fees for those who sign up by December 31, 2024.

“Credit unions are constantly searching for effective ways to combat fraud without sacrificing member experience,” said Tim Grace, CEO of Point Predictive. “By integrating AutoPass into Sync1 Systems’ platform, we’re offering a comprehensive fraud solution that fits seamlessly into their decision systems and operations, helping credit unions both protect their assets and streamline their lending processes.”

Key Features of AutoPass + Sync1 Systems Integration

• Leverages insights from over 230 million auto loan applications to detect hidden fraud risks
• Reduces credit union fraud losses by up to 50%
• Decreases friction for low-risk members by enabling auto approvals while eliminating unnecessary stipulations and manual reviews
• Available with a 30-day free trial and a 20% discount for new users who sign up before the end of 2024

“The partnership reflects our ongoing mission to provide our credit union clients with the most advanced, reliable tools for fraud detection and risk management,” said Steve Maloney, CEO of Sync1 Systems. “Announcing this collaboration at Lendtopia underscores its significance to our credit unions, and we are excited to showcase the integration’s potential to transform the way they approach fraud prevention.”

Attendees at Lendtopia are invited to visit the Point Predictive booth to learn more about the AutoPass integration and to participate in live demonstrations.

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Shastic, the leading provider of workflow automation solutions for financial institutions, has announced its latest platform, Mago. This end-to-end AI workflow automation platform will revolutionize the industry by providing community banks and credit unions with state-of-the-art, AI banking workforces. 

Mago’s approach allows these institutions to dramatically expand their workforce capabilities without the need for additional staff. As opposed to offering a single feature or automating one specific task, Mago can automate an agent’s workload augmenting the current team or reducing the need for full time equivalents (FTEs). Mago allows banks and credit unions to expand their workforce 1,000 times without increasing their headcount.

“Mago is not just about automating tasks; it’s about enhancing productivity and moving our industry forward,” said Joseariel Gomez, founder and CEO of Shastic. “By integrating AI with workflow automation, we’ve created a solution that delivers ten times more efficiency, transforming everyday work life for financial institutions giving time back to their teams to focus on more meaningful interactions with members.”

Mago has demonstrated the ability to reduce processing time for common financial operations by 85%, making these processes 6.7 times faster. Mago can automate lending processes from application to funding with the exception of underwriting. It can also help with onboarding new members, collections practices, mass marketing and much more.

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Lending Tech Live ’24 is the premier lending technology conference in the credit union industry. Thought leaders from hundreds of credit unions across the country, along with auto dealers, fintech executives, and technology providers, attend. The conference provides insight into the latest strategies to build stronger, more profitable lending portfolios and to reach more members.

This year’s tracks will focus on auto lending trends, evolving EV buying and lending, AI strategies and trends, growth, compliance, and the lending landscape. Attendees can attend the following breakout sessions:

• Driving Change: The Future of the Automotive Industry
  • Dive into the evolving automotive technologies, emerging trends in electric and autonomous vehicles, and the impact of digital transformation on car manufacturing and sales.
• Consumer Credit Trends and Insights: A Strategic Overview for Lenders
  • This session will offer a strategic overview of current credit behaviors, risk assessment techniques, and innovations transforming the lending industry.
• Electrifying Auto Loans: The Future of New & Used EV Lending
  • Learn what is required to optimize this initial stage of the lending process, ensuring a competitive edge in the rapidly growing EV sector.
• The Electric Revolution: Impact and Implications of EVs
  • This session will provide a holistic view of the electric revolution’s impact and its wide-ranging implications.
• AI Automation Strategies for Credit Unions: Unlocking Opportunities
  • Gain practical insights, case studies, and actionable steps to harness the power of AI and position them for success in the digital era.
• AI and the Credit Union of the Future: A Roadmap for Success
  • Learn how AI-powered solutions can streamline lending, fraud detection, and risk assessment, making lending processes more efficient and member-focused.
• Credit Union Panel: Liquidity Strategies Built for Lending Success
  • This session will provide practical steps that other credit unions can implement to thrive, focusing on liquidity strategies that are key to maximizing lending growth in a dynamic market environment.
• Defending Your Credit Union Against Emerging Digital Fraud Trends
  • Leaders from the nation’s top credit bureaus will delve into the complexities of combating fraud in the digital finance realm.
• Assessing Your Compliance Program: Monitoring Hot Topics in Lending
  • Gain valuable insights into regulatory updates, emerging trends, and best practices to ensure your credit union remains vigilant and compliant.
• GAP Refunds Revisited: Credit Union Strategies and Lessons
  • Dive into the world of GAP refunds and explore innovative strategies and invaluable lessons learned.
• Conversation with NCUA: Staying Ahead of a Changing Regulatory Landscape
  • Focus on NCUA Cyber Reporting Rules and Regulations and navigate the changing regulatory landscape.
• Automotive Industry Outlook: Keeping Pace with Industry Shifts
  • Explore current trends in the automotive industry and their implications for auto loan lenders.
• Financial Resilience: Mastering Liquidity Management in Times of Economic Uncertainty
  • Dive into the intricacies of navigating liquidity challenges during turbulent times.
• Open Forum: Indirect Lending Opportunities, Challenges, and the Future
  • Credit union executives will discuss indirect lending strategies from both credit union and dealership perspectives.

“We’re celebrating our 30^th anniversary in a big way, including impactful breakout sessions that will equip attendees with relevant lending insights and strategies to maximize performance, effectively compete, and deliver value,” said Erika Hill, Origence’s VP of marketing. “Lending Tech Live has created an environment for industry-wide collaboration and meaningful dialogue. We look forward to yet another successful year of helping credit unions prepare for the future of lending.”

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The post Origence announced 14 Breakout Sessions for Lending Tech Live first appeared on FinTecBuzz.

Financial institutions leveraging Epic River’s platform to collect borrower information will now be able to automatically send data to LaserPro to generate loan documentation. This minimizes manual data entry into the LaserPro system by digitally transferring information, ensuring accuracy and eliminating the risk of missing or mistyped data. Additionally, the generated loan closing documentation is instantly available for e-signature through the Epic River platform.

“Today’s financial institutions face an increasingly competitive landscape with consumers looking for solutions that can deliver agility, innovation and convenience. Finastra’s LaserPro was designed with the scalability and regulatory assurance our customers need to enhance performance while ensuring compliance across the lending lifecycle,” said Cheryl Anderson, Senior Director of Product Management at Finastra. “This integration with Epic River positions our lenders to remain competitive as we strive to provide technology that redefines the traditional, labor-intensive lending processes and offers a superior borrowing experience.”

Many community banks and credit unions still rely on paper or email-based loan processes, leading to a higher risk of errors and limited operational flexibility. This manual approach often causes significant delays and requires excessive back-and-forth communication between the loan processing team, lenders and the applicant. The Epic River platform solves these issues by accurately collecting application information, guaranteeing correct signature placement and securely uploading supporting documentation.

Jeff Grobaski, CEO and Founder of Epic River, said, “Epic River’s collaboration with a leading provider like Finastra serves as a pivotal partnership that creates greater value for the lending ecosystem. Integrating our platforms optimizes the process and eliminates unnecessary re-keying of data, manual hand-offs and mistakes that prolong the loan lifecycle and inconvenience borrowers. The result is a seamlessly connected experience that instead ensures a smooth borrower experience and an efficient loan processing workflow.”

Epic River’s innovative software and service solutions are designed to digitize and automate the entirety of the lending lifecycle for community banks and credit unions, small businesses, healthcare providers and patients. From trusted online identity verification to loan application and closing, the comprehensive digital product suite securely manages every step of the loan process.

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The post Epic River, Finastra LaserPro integration to speed loan closings first appeared on FinTecBuzz.