How Argyle’s streaming income data and Informed.IQ’s real-time verifications are expanding lenders’ coverage and optimizing the decisioning process.
Co-founders Justin Wickett and Magdalena Yesil launched Informed.IQ in 2016 to help lenders increase capture rates, lower the cost of credit, and promote financial inclusivity, especially for critical services like auto loans. Their platform uses AI and machine learning to unlock insights trapped within consumer documents, allowing lenders to paint a more holistic picture of creditworthiness, minimize risk, and make quicker underwriting and funding decisions—all while extending life-changing services to traditionally underrepresented borrowers.If that sounds a lot like Argyle’s mission, that’s because it is. Argyle is committed to streamlining access to income data and empowering lenders with instant, comprehensive visibility into their customers’ financial health, so they can move beyond restrictive criteria like credit scores.
Now, Argyle’s streaming income data and Informed.IQ’s real-time verifications platform are teaming up to pool our expertise in auto and other consumer loans to automate the decisioning process and make underwriting even easier for modern lenders.
Turning data and documents into decisions
Informed.IQ serves six of the top 10 auto lenders in the U.S., including Ally Bank and Westlake Financial. As their business has evolved, they’ve expanded their services into personal loans, student loans, mortgages, and HELOC. In 2021 alone, they processed over 3.4 million applications and over $110 billion in loan originations, all while maintaining industry-leading accuracy rates. How do they do it? They automatically analyze the documents lenders rely on to verify key data points (like income, assets, residence, insurance, and auto specs), help them meet compliance requirements, and turn documents and data into decisions in seconds based on each financial institution's policies and procedures. That not only frees lenders from having to manually enter and review data from different documents; it decreases their time to funding, increases their conversion and approval rates, and helps them operate more efficiently and effectively.
Informed.IQ already automates document-based verifications for auto lending and other consumer loans. With Argyle, they can also automate the transfer of income data, so they can turn real-time intelligence into real-time decisions.
Our partnership allows income data to be instantly ingested and processed alongside other documents required in the lending process. And it means that borrowers who lack access to a recent paystub (or don’t want to track one down and upload it to an application) have an easy way to supply their income and employment data—and lenders have an easy way to access it.
Automating the flow of income data
With Argyle, consumers can connect directly to their payroll provider and stream 160+ fields of verified income data without ever leaving a loan application. Better still, Argyle can compile this data into standardized digital paystubs that list gross and net pay, tax withholdings, deductions, and so on—just like a traditional paystub, but without all of the administrative hassle.
By joining forces, Argyle and Informed.IQ can each deliver on what they do best to optimize the lending experience.
Users can choose to connect to their payroll account through Argyle and stream their income data or upload their income documents through Informed.IQ, then seamlessly continue through the approval process. Meanwhile, lenders get confident answers based on accurate, real-time data and their specific underwriting criteria.By offering multiple ways to share and access income data, lenders secure two major business benefits:
100% coverage between Argyle’s direct payroll integrations and Informed.IQ’s document upload and income verification capabilities
An income data collection and verification process that’s automated from end to end, driving faster, smarter credit decisions
Not only does that mean tapping into and engaging a much wider market; it means extending financial services sooner to borrowers in need.“We’re a mission-driven company, and we see a synergy with Argyle’s vision for a fairer, more frictionless financial future. Leveraging each of our strengths, we’ve built a robust, integrated income verification solution that empowers users to share their data the way that works for them, enjoy a more intuitive lending experience, and unlock quicker and more equitable access to credit.” –Justin Wickett, co-founder and CEO, Informed.IQ
Want to learn more about our unified approach to lending and consumer credit?
Collecting and analyzing loan documents