Companies share a common goal of supporting faster and more accurate lending decisions
Digital Matrix Systems, Inc. (DMS), a leading risk management solution provider, announced today that it has partnered with Enova Decisions, a forward-thinking analytics and decision management technology company. Enova Decisions is part of Enova International, a leading machine learning (ML) and artificial intelligence (AI) powered financial services company. This data and analytics partnership supports the two companies’ common goal of helping lenders get the most value from data and minimize risk in support of effective lending decisions.
To help lenders make decisions quickly with high accuracy and minimal exposure to fraud, there are a variety of factors at play behind the scenes. Leveraging credit bureau data in conjunction with alternative data sources not only improves accuracy and mitigates fraud risks, but also provides lenders with the ability to reach underserved consumers. Using carefully selected alternative data can provide a competitive advantage by providing a clearer picture of creditworthiness when paired with machine learning models. This is certainly critical for all lending decisions, but even more so when meeting the financial needs of subprime and near prime consumers.
Enova Decisions’ flagship decision management platform Enova Decisions CloudTM allows lenders to operationalize AI and make decisions from the cloud via a simple API call. Enova Decisions will leverage Data Access Point®, a cutting-edge connectivity hub from DMS that links clients to all three credit bureaus and over 20 alternative data source providers with a single inquiry and delivers the data within a standard XML format. Credit reports are delivered via the easy-to-read DMS Credit Report format, which reduces errors and improves readability of critical credit information. As business needs evolve, Enova Decisions will be able to quickly and cost-effectively add additional data sources for their clients.
In addition to data access, Enova Decisions will leverage the tri-bureau DMS Summary Attributes® in their machine learning models. This set of standardized and normalized attributes consolidates credit information for easier analysis by application and decisioning platforms. This provides consistency over multiple bureaus and bureau versions without compromising processing speed.
“We’re excited to work with the Digital Matrix Systems team,” said Jim Granat, Senior Vice President, Enova Small Business and Enova Decisions. “We are continually looking for ways we can improve the solutions we deliver to our clients, and this partnership enables us to enhance our core ML and advanced analytics capabilities and make even more data available to our clients in real-time.”
“We are thrilled to be working with Enova Decisions in the delivery of analytic services that improve outcomes for lenders,” said Carson York, Senior Vice President for Digital Matrix Systems. “DMS seeks partners that are committed to exceeding client expectations, and Enova consistently does this for their client base through the development of models that support lenders and mitigate risk through the entire customer journey.”