Inovatec Systems, a provider of cloud-based software solutions for automotive lending institutions, formed a partnership with San Diego’s Point Predictive, a provider of artificial intelligence solutions for the lending industry. Through the partnership, the two companies will leverage Point Predictive’s consortium-based credit data as part of Inovatec’s loan origination platform to reduce risks and increase efficiencies for automotive lenders.

Inovatec’s cloud-based solutions allow financial institutions to accelerate both the underwriting and long-term management of loans through customized and intelligent automation. The company’s customizable loan origination and loan management systems allow lenders to change workflows and create new business processes as needed. This technology, integrated directly with Point Predictive’s AI-powered data enrichment software, will enable lenders to utilize better datasets and implement more accurate risk prediction to improve the quality and speed of the loan approval process.

“Point Predictive shares our philosophy that innovative technology is the best path to helping lenders securely and seamlessly address the requirements of a rapidly evolving market,” Vlad Kovacevic, co-founder and CEO of Inovatec, said. “Point Predictive’s sophisticated, data-based fraud and risk scoring solutions, combined with Inovatec’s proven LOS offering, will give our customers stronger operational efficiencies, faster decisioning and greater profitability, all with reduced risk factors.”

Both companies are confident that Point Predictive’s AI-based solutions and automation will help Inovatec customers attain higher levels of efficiency and fraud-loss reduction.

“Inovatec has built a substantial business in North America and currently has a 50% share of the Canadian auto lending market,” Tim Grace, CEO of Point Predictive, said. “Inovatec’s lenders can now leverage the power of Point Predictive’s growing consortium of enriched credit data, which can help reduce the risk of fraud while realizing the effectiveness of integrated automation. We are an ideal partner to help further Inovatec’s plans to enhance its services and expand in the United States.”