FTL Finance Goes Live with Scienaptic
- Payments , Banking
- 28.06.2021 04:35 pm
Leading AI-powered credit decisioning disruptor, Scienaptic today announced that home improvement lender, FTL Finance has completed implementation and is now live on its platform. The implementation will enable the company to make better, stronger credit decisioning for its borrowers through next-generation, transformative technology powered by AI to support both contractors’ and homeowners’ financing needs for repairs and remodeling.
FTL Finance helps makes home improvement financing hassle-free, providing contractors the tools to grow their businesses while giving homeowners the resources they need to complete much-needed remodels and repairs. By implementing the Scienaptic platform, FTL expects to see a 10% reduction in losses at the same approval rates. It also augments FTL's ability to pre-approve their lowest risk customers for larger loans than originally requested (up to 2x in many cases), providing those customers with extra purchasing power when making important home improvements.
"We’re excited to begin fully leveraging Scienaptic's platform,” Todd Grzybinski, President of FTL Finance. “The AI-powered credit decisioning will not only allow us to provide better consumer financing products for our customers but also reach more qualified borrowers and underserved markets, all while effectively managing our risk.”
"We are very pleased to help FTL Finance streamline and support the credit and financing needs of its customers for vital home repairs and improvements,” Pankaj Jain, President of Scienaptic. “Through our AI-powered credit decisioning platform, FTL will be able to reach more borrowers, increase average loan size while reducing losses, and grow its portfolio. We look forward to seeing FTL’s continued growth and success.”