incuto is spearheading low-cost automated lending decision (ALD) technology on the back of news the current ALD offering to Credit Unions will be discontinued from April 2020.
incuto expects significant interest in its own ALD product which not only enables Credit Unions to make quick lending decisions but will also save them money on cost per search.
Commenting on incuto’s ALD technology, CEO Andrew Rabbitt says: “In light of the fact that the current ALD offering will be discontinued, Credit Unions need an alternative to ensure lending decisions can be made easily and customer service is not disrupted. Credit Unions must continually enhance and digitise their services if they want to compete with high street banks and payday lenders, particularly the latter where there is a real opportunity to counter the negative impact of high-interest, short-term credit on low-income families.”
incuto’s ALD functionality for Credit Unions will cut the cost per search by almost 50%. This technology can directly replace the current ALD technology whereby applicants get a credit score and ID verification when applying for a loan.
“It’s vital that Credit Unions now utilise technology if they want to become true challenger banks and better serve their communities,” Andrew continues. “It has to be about more than just online applications. Transformation will include better customer engagement through automated communications, digital campaigns, online sign-up and applications processes, including loans where ALD will come into play, digital payments and better access via partnerships with major providers and distribution networks.”