NEW YORK CITY — Data and customer authentication and messaging platforms are proving to be at the fintech forefront as 33 fintechs demonstrated their capabilities Monday during the first day of the FinovateFall 2022 conference in New York City.
Auto lenders should keep an eye on four startups as they look to bolster their data and consumer verification workflows and expand their messaging capabilities in an effort to automate their servicing operations.
1) Tax Status
Frisco, Texas-based Tax Status is a fully automated, API-driven Internal Revenue Service (IRS) account– monitoring solution that provides continuous access to a consumer’s tax filings with the IRS to verify data.
The IRS is “a single source of truth with respect to financial health,” Chief Executive Charles Almond said during the demo. Tax Status receives consent through the borrower and connects directly to the IRS through an API, offering real-time updates on a consumer’s filing status, or any liens placed on any account. Lenders can use the information for underwriting considerations, Almond said.
Founded in 2017, Tax Status has received two rounds of funding this year for an undisclosed sum, according to Crunchbase.
2) Nuance Communications
Burlington, Mass.-based Nuance Communications specializes in secure, conversational artificial intelligence and customer authentication through voice biometrics.
Founded in 1992 and acquired by Microsoft in March 2022, Nuance looks to simplify what can be the “frustrating” customer verification experience, fraud and biometric specialist Rachel Muench said.
“How do you tighten security to prevent fraud without harming the customer experience and making it harder to do business,” Muench said regarding the fintech’s focus.
Nuance’s fraud prevention tool leans on voice biometrics to verify the identity of a customer — similar to a fingerprint — rather than out-of-wallet questions that fraudsters commonly have access to, she said.
3) Ncontracts
Regtech Ncontracts is a web-based contract and vendor management software with more than 4,000 clients across fintechs, banks, credit unions and mortgage providers. The software is focused on helping lenders manage their operational risk and compliance obligations, Chief Technology Officer Bill Simpson said during the demo.
The company tracks compliance obligations at the state and federal level and also helps lenders manage their third-party partnerships to ensure vendor partners remain compliant with regulations.
Founded in 2009, Brentwood, Tenn.-based Ncontracts has secured $1.1 million in funding, according to Crunchbase.
4) Interface.AI
On the messaging front, San Francisco-based Interface.AI provides intelligent virtual assistants to banks and credit unions for servicing operations. Founded in 2019, the fintech works with more than 70 financial institutions, Chief Executive Srinivas Njay said during the show.
Interface allows credit union members or potential borrowers to ask specific questions about their loan product, such as whether they need to pick out a specific vehicle before receiving a pre-approval for a car loan, Njay said. The software can also connect the customer with a customer service representative if they want to speak to a person.
Editor’s Note: This article was first published on Bank Automation News’ sister site, Auto Finance News.
Bank Automation Summit Fall 2022, taking place Sept. 19-20 in Seattle, is a crucial event on automation and automation technology in banking. Learn more and register for Bank Automation Summit Fall 2022.
