Affordit®is a tool that uses patented AI technology
Once integrated, Affordit®is designed to automatically run at the point-of-sale when processing a new loan application. Solution steps are easy to understand, allowing the financial institution to offer tailored recommendations that optimize the applicant’s financial profile. Affordit’s proprietary algorithm eliminates the need for manual decision making, providing the financial institution with previously unidentified cross-sell opportunities.
Affordit® key components:
The Affordit Wallet Genie® – AI that runs hundreds of thousands of simulations to analyze the best scenarios for the applicant’s financial situation.
Application Insights powered by Affordit® – A platform which evaluates each consumer’s financial profile, providing actionable recommendations based on an individual’s loan application. By using the institution’s products, rates, and underwriting guidelines, Affordit identifies new loan opportunities, allowing lenders to offer tailored recommendations to the applicant through an encrypted user interface. Financial institutions benefit through increased product penetration, labor cost reduction, and increased cross-selling.
The Affordit Solution Based OUtcome Report® – A report that shows the applicant a clear, easy-to-understand picture of their financial wellness. The applicant can see exactly how recommendations provided by the Affordit Wallet Genie® would improve their situation. The Solution Based Outcome is based on that applicant’s unique data, not generic averages.
Data Security – The Affordit® cloud solution uses AWS CloudHSM which has FIPS 140-2 Level 3 validated HSMs and Affordit has integrated a MD5 hashing algorithm for password encryption. Our system has been designed for 99.99% durability.
Zero Downtime – Data is accessible anytime with the Affordit® AWS (Amazon Web Services) cloud solution. Data is securely stored and backed up real-time with built-in encryption.
Turnkey Solution – Affordit® offers an API plugin that seamlessly connects to existing loan origination platforms, which provides the products, rates, and underwriting guidelines necessary to power our AI technology.