How LendingPoint is using AI and smart data models to drive fair credit decisions - within only four seconds - for UScitizens who need it most
What can you do in four seconds ? Make a contactless payment for your latte , take a snapshot with your smartphone and get credit approval from LendingPoint . Four seconds is the time it takes for this US-based “ nontraditional lender ” to offer its customers credit , according to KN Kasibhatla , Chief Technology Officer of LendingPoint .
The customer-first approach used by LendingPoint harnesses the power of Artificial Intelligence ( AI ) and data models to offer credit to those who are tackling a home improvement project , consolidating debt , or paying for an unexpected medical expense ( and much more ), and moves away from the Fair Isaac Corporation ( FICO ) evaluation model to approve credit . A FICO Score is a three-digit number based on the information from credit reports and traditionally used by lenders across the US .
“ Based on your credit profile and information on your application form , it only takes four seconds to get an approval on the LendingPoint platform ,” said Kasibhatla , who has experience in both technology and finance .
“ We believe in using AI and data models to deliver money to people whenever and wherever they may need it . We use technology to drive these decisions . To do this , we have collected more than 60 billion data points on our consumers .