Snap Finance Utilizes Artificial Intelligence To Provide Financing to Underbanked Customers
Furniture World News Desk on
8/19/2017
Snap Finance recently announced the introduction of a new proprietary artificial intelligence platform to help provide financing to people with low credit scores who are shut out of the traditional credit market.
The Snap Artificial Intelligence Verification Engine (SAVE) uses advanced machine learning to help provide financing for necessities like tires, furniture and mattresses for customers with no credit or damaged credit at more than 10,000 retail partners across the country.
SAVE analyzes hundreds of data points per customer to provide clarity and dimension when evaluating potential customers for approval. This precision allows Snap Finance to approve up to 80 percent of consumers unable to secure traditional financing.
Developed in house by a team of Snap Finance data scientists, this proprietary platform is updated multiple times daily, allowing SAVE to teach itself and adapt over time to more accurately identify who should receive financing.
“People are more than a credit score,” said Matt Hawkins, CEO of Snap Finance. “By using artificial intelligence, we can provide financing to a huge population of customers who would otherwise have limited options.”
After a customer fills out a simple online application, SAVE instantly verifies identity and reviews hundreds of data points allowing Snap to assess consumer behavior and render faster decisioning compared to traditional underwriting techniques (with financing approval in milliseconds). Most customers are then instantaneously approved at the point-of-sale for financing of up to $3,000.
“Using a platform that is constantly learning and adapting is enabling us to help as many people as possible get access to the financing they need,” said Nate Story, Snap Finance’s director of data science and behavioral sciences. “Our finance approval engine is a living and breathing thing — constantly getting smarter, and helping us approve more customers.”
More about Snap Finance: Snap Finance is the largest independently owned lease-financing company, financing customers of more than 10,000 eCommerce and brick-and-mortar merchants selling necessities like tires, furniture and mattresses. The company is revolutionizing access to financing through its proprietary artificial intelligence platform aimed at helping as many credit disadvantaged people as possible. Founded in 2012, Snap Finance is a privately held company headquartered in the tech hub of Salt Lake City. For more information, visit snapfinance.com.