6 | W&F Ethical Finance Awards 2024 Best AI-Powered EthicalLending FinTech Platform 2024 – Carrington Labs “Carrington Labs is focused on creating globally applicable AI-based credit risk decisioning and loan management solutions for unsecured consumer lending. ” Artificial Intelligence within the realm of FinTech is regularly used to analyse data for lending decision making, credit risk assessments, and wealth management – and these are just to name a few areas in which AI is relied upon for its assistance. Introducing Carrington Labs, brainchild of Beforepay Group, the platform that is truly taking the industry by storm. Offering an easier, quicker, and more reliable way to power precise credit decisioning and lending solutions, Carrington Labs is here to stay. Carrington Labs leverages deep expertise in credit, data and analytics, a data-driven approach and AI and machine learning (ML) to provide AI risk models and an end-to-end loan origination and servicing platform. Carrington Labs’ solutions prioritise the borrower’s wellbeing, using alternative data and models trained on more than 1.3 individual data points. This provides precise insights to inform credit decisioning and tailor financial products through personalised limit-setting and repayment scheduling for each borrower. By integrating AI responsibly, Carrington Labs aims to help businesses accelerate their growth objectives with solutions that enable rapid and precise lending decisions. “Our customer-centric decisioning and lending solutions allows us to provide clients with the ability to enhance the personalisation of financial products while minimising default risk and maximising lifetime value and revenue for the business. ” Depending on their business needs, clients have the option to use Carrington Labs’ AI risk models and loan origination and servicing solutions together or independently. Carrington Labs’ AI risk models and credit decisioning solutions are built from the ground up on a base of AI and ML, instead of other platforms that attempt to retrofit ML variables into a scorecard architecture. This enables the testing of tens of thousands of features, and the selection of hundreds of features for the final model, each with individual statistically-derived inflection points and weightings. Multiple models can be combined through the ensemble architecture, allowing dedicated logic focused on specific paths to default. This allows for a comprehensive, nuanced view of a borrower’s creditworthiness, expanding credit for underserved groups and reducing the biases found in traditional credit scoring systems. This can work hand-in-hand with Carrington Labs’ end-to-end loan origination and servicing solution that has been optimised to streamline and automate faster loan processing with fewer errors, benefitting both business outcomes and customer experience. To date the platform has issued more than 4 million loans through Australian consumer lender, Beforepay, and averages 35,000 loans originated per week. The purely digital process is expected to enable customers to go from account creation to funds received in as little as 5 minutes, and less than 1 minute for returning customers. Carrington Labs is excited to take its offerings overseas, looking to discuss partnerships with offshore partners and promote its solutions as a new standard for credit decisioning and loan management. Things are truly looking bright for this platform as it continues to use machine learning for the greater good. Winning Best AI-Powered Ethical-Lending FinTech Platform 2024 is no small achievement as Wealth and Finance International strives to recognise and honour individuals, teams, businesses, and services for their unwavering innovation and excellence. We’re sure the rest of the year will bring great things to Carrington Labs’ customers, while further solidifying its name in the realm of ethical lending. Contact Details Contact: [email protected] Company: Carrington Labs Web Address: www.carringtonlabs.com Apr24065 From data-focused predictive models to fast and accurate decisioning, Carrington Labs’ end-to-end solution guarantees a simple, and entirely digital, lending pathway. Carrington Labs has recently won its title in our Ethical Finance Awards 2024, and we’re celebrating its dedication to improving the overall lending experience. Let’s take a closer look.
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