Fintech Company Launches AI Platform to Automate Hardship Relief for Financially Stressed Borrowers
Solution provides new repayment options in minutes, not days or weeks
Constant, a Maine-based financial technology company, has launched an AI-powered software platform for banks and non-bank consumer lenders that provides faster and more accurate decisions about payment deferrals, loan modifications and other workouts. The solution significantly reduces massive incoming call volume and long wait times caused by COVID-19 financial hardships.
“Over ten million Americans have filed for unemployment against the backdrop of $16 trillion of consumer debt. In response to lost wages, bank and non-bank lenders have directed borrowers to call for payment relief options. With mortgage forbearance requests alone increasing by nearly 2,000 percent, the COVID-19 crisis has shone a spotlight on the lack of preparedness to support hardship relief requests,” said Catherine Powers, CEO of Constant.
Constant’s platform evaluates a borrower’s real-time financial situation and provides repayment options and, when appropriate, loan modifications in a matter of minutes, without human intervention.
“Whether a lender or servicer is offering to skip payments or a more complex hardship solution, that effort can take weeks or months with the high volume of incoming requests for help,” added Powers. “However, our platform can do it in minutes by engaging with the borrower, evaluating real-time, customer-specific information and automatically creating relief options that solve the problem and encourage payment performance – all within investor parameters.”