New API Designed to Help Determine Consumer Lending Potential
TrackStar.ai, a company led by credit industry veterans that specializes in predictive credit technology, today announced the launch of a new proprietary, predictive API designed to help lending institutions determine consumer lending potential. By utilizing this first-of-its-kind API, lenders are able to make better decisions about qualifying current and prior loan applicants. The result is lower acquisition costs and churn, all while reducing lender’s reliance on outside partnerships for leads.
TrackStar’s API is designed for enterprise level banking institutions and lenders to help them optimize the customer acquisition and retention process. By adding the API to a financial institution’s existing infrastructure (e.g. lending platforms, consumer finance applications, risk models and POS financing), it predicts consumer’s future lending qualifications – the result of millions of new data points originating from over 15 years of credit data from over 30,000 lenders in the United States. TrackStar’s predictive AI layer determines which negative credit items could be removed from a customer’s credit history, allowing lenders to extend offers to customers who might normally get declined or not even considered as qualifying loan applicants.
“One of the biggest pain points for lenders is the rising costs of traditional marketing acquisition channels, as it is expensive for even the biggest lenders in the U.S. to find qualified customers,” said Clint Lotz, President and Founder of TrackStar.ai. “Most viable leads usually come from a lead aggregator site and average as much as $90 cost-per-click for people searching for loans or mortgages. This can add up fast when a lender is targeting hundreds and thousands of qualified customer leads, which is why we created an API that within seconds helps lenders uncover opportunities within their existing databases.”
Benefits of TrackStar.ai include:
- Increase customer acquisition yield 10-20%
- Improve retention of existing customers
- Reduction of reliance on 3rd party lead aggregators
- Create customized loan offers
- Reduce risk
- Maintain industry compliance and data security
“By using TrackStar, lenders no longer have to be as dependent on lead aggregators, as we provide a dataset that hasn’t been available before,” said Mark Miller, CEO of TrackStar.ai. “Already in the COVID-19 era, lenders are inundated with applicants due to low interest rates, but one of the main problems is that many have mistakes on their credit reports. According to the FTC, one in every five Americans has a mistake on their credit report, mistakes that can prevent qualified applicants from getting loans. Our predictive API prevents this scenario by giving lenders unique data on which customers have the potential to qualify and receive personalized loan offers. TrackStar gives a lender a sustainable competitive advantage.”