Lokyata, a company focused on delivering products that digitize, automate, and scale lenders’ credit decisions, announced that Cullman, Ala.-based, EvaBank ($396 million asset) has selected Lokyata’s AI-powered credit decisioning tools, ExcelRate and BankAnalyze, to fully automate its consumer lending process and support the bank’s mission to expand the availability of credit to members of its community.
“Based on our initial demo, the typical ‘a la carte’ fintech solution has been surpassed by Lokyata’s approach to provide uniformity in loan approvals, bank-to-customer communications, and a plethora of technology products in one solution. We look forward to the product-utilizing technology to allow more approvals and faster closings.”
With many Americans still shut out of access to affordable financial services, EvaBank is committed to changing that narrative. Through Lokyata’s platform, and by leveraging actionable artificial intelligence (AI) and alternative data such as bank statement analytics, the bank will be positioned to responsibly increase loan amount eligibility for more borrowers, accelerating loan portfolio growth for the bank while keeping risk and operational costs low.
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“EvaBank is proud to partner with a technology company that brings the potential to automate programmable approval factors that are unique to our bank and way of doing business,” said Tom Russell, President of EvaBank. “Based on our initial demo, the typical ‘a la carte’ fintech solution has been surpassed by Lokyata’s approach to provide uniformity in loan approvals, bank-to-customer communications, and a plethora of technology products in one solution. We look forward to the product-utilizing technology to allow more approvals and faster closings.”
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“Today, banks need innovative solutions that support quicker, more intelligent loan decisions for customers,” said Santosh Thiruthi, Co-founder and CEO of Lokyata. “We were introduced to EvaBank through our partnership with Renshaw and Company, who saw the synergy between our organizations. It is a perfect match for us as EvaBank recognizes the need in their community for increased access to funding, and Lokyata’s platform will play a key role in helping the bank fulfill that market demand in a risk-responsible way that aligns with its business objectives.”
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