Named Start-Up Of The Year by a major industry publication
Objective
Prepare a new alternative lender with a strong compliance foundation and no regulatory issues from Day One.
Background
A US-based alternative lender came to InnReg prior to launching a mobile-only lending app targeting millennials and college students with thin credit. As they fine-tuned the product design, they asked us to advise on the configuration of their operational stack and compliance platform. This forward-thinking group needed a product design and operational system that would conform to all compliance regulations. This system also needed to scale over time to support long-term growth.
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Challenges
The alternative lender wanted to deploy effective and efficient account origination processes for a prospect audience with thin credit files while complying with all relevant origination regulations. In addition, their planned funding and payment processing system was 100% mobile. They were concerned about how to meet compliance regulations, without allowing constraints to erode the integrity of the user experience of their unique new product.
InnReg's Solution
Advised on the design and deployment of a secure and compliant automated underwriting and processing system that delivers origination decisions within 3 minutes.
Identified and implemented an optimal compliance stack using the most appropriate technologies for the client.
Designed efficient and effective processes that meet all lending requirements and all digital information security requirements.
Client Results
Successfully booked 1,000+ consumer accounts within 3 weeks of launch.
Seamlessly originated accounts, transmitted funds, processed payments, and securely transmitted sensitive customer data to credit reporting agencies without hiccups during launch and growth phases.
Named a Start-Up Of The Year by a prominent industry publication.
