According to a new press release, “PointPredictive Inc., the San Diego-based machine learning company, announced today that Byrider has selected the company’s risk scoring solutions to help them better segment high- and low-risk applications and dealers to improve profitability, expand loan availability and enhance the lending experience for both consumers and dealers. As part of the integration, Byrider will use the company’s scoring solution – Auto Fraud Manager with Auto Fraud Alert Reporting – to identify misrepresentation and prevent default on high-risk applications while streamlining the approval process of low-risk applications to improve and expedite both the consumer and dealer loan funding experience, ultimately expanding their loan portfolio profitably.”
The release continues, “Byrider selected PointPredictive’s machine learning AI scoring after extensive testing of the solution and evaluating retrospective results. “In our retrospective test with PointPredictive, we saw a significant lift in identifying defaults tied to misrepresentation and fraud,” said Gary Harmon, Chief Risk Officer of Byrider. PointPredictive launched Auto Fraud Manager with Auto Fraud Alert Reporting to help address the $6 billion-dollar annual problem of misrepresentation and fraud that plagues the auto lending industry. The solution uses machine learning to mine historical data from applications across the industry to pinpoint where fraud is happening. Over 60 million applications have been evaluated and scored by the unique machine learning AI system which is continuously learning new patterns as they emerge.”
Read more at Business Wire.
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