DOYLESTOWN, Pa.--(BUSINESS WIRE)--
How does an online lending platform fueled by machine learning and big data further sharpen its marketing and income verification systems? With the only big data provider that has complete data at the zip+4 level for the 200 million adults and 30 million businesses that make up the U.S. economy. Powerlytics will provide income insights and data for Avant, the award-winning lending platform that is lowering the costs and barriers of borrowing for consumers.
Avant will use household and W-2 income provided at the zip+4 level by Powerlytics to streamline the application process by speeding income verification. The data will be used to augment and sharpen Avant’s existing targeted and automated income verification systems.
“Avant is a forward-thinking, data-driven company and these new sources of data will allow us to make better business decisions,” said Deena Narayanaswamy, Head of Data Insights for Avant. “Powerlytics offers a level of granularity in their data that will be invaluable to our business model as we help more borrowers gain access to the financing they need.”
"Powerlytics offers complete, accurate and granular data to companies looking for a competitive advantage from predictive analytics with a tool to support their goals,” said Powerlytics CEO Kevin Sheetz. “With a business model that has disrupted the traditional financial services industry, Avant has provided access to more than $4 billion in loans to consumers through its lending platform. Its use of the Powerlytics Market Intelligence Platform is a strong endorsement of the quality of data we provide."
Powerlytics data has a strong track record of improving in-house and third party models. In addition to its comprehensive data, Powerlytics also makes an income verification tool available. Powerlytics True Income allows lenders and businesses that extend consumer credit to predict applicants’ income based on their nine-digit zip code. True Income evaluates an applicant’s stated income, and assigns a confidence score to that claim.
For more on Powerlytics tools, visit www.powerlytics.com.
Powerlytics provides the most comprehensive, accurate and granular consumer and business financial data available in the U.S. Our proprietary big data analytics platform analyzes anonymized financial information from publicly available U.S. government sources and reconstructs it into easily understood financial statements that provide a comprehensive financial view of the over 200 million adults and 30 million businesses that comprise the American economy. Major U.S. corporations and financial services providers are using Powerlytics’ data to manage risk, discover potential markets, drive corporate strategy, develop digital marketing campaigns, benchmark performance, enhance both business and consumer target marketing, and stay on the cutting edge with predictive analytics. Visit http://blog.powerlytics.com/ or www.powerlytics.com for more information.
Avant is an online lending platform that is the leading provider of credit alternatives to middle income consumers in the US & UK. Avant offers access to unsecured personal loans ranging from $1,000-$35,000 with funding as soon as the next business day, and has served more than 500,000 customers worldwide. Avant offers its technology solutions to bank and non-bank partners via its Powered By Avant product to provide an innovative digital lending experience to their customers. Avant, founded in late 2012, has raised over $600 million of equity capital and has provided access to over $4 billion of loans on the platform.