Online Lenders Alliance Welcomes Lead Envy

Online lenders provide reliable credit options to non-prime consumers who have limited access to credit. The largest banks in the US offer great benefits to consumers with large sums of money in their account; however, for those with less capital, the banking becomes costly – even out of reach.

Those banking fees pile up and quickly put the average consumer in the red. Some of the fees include non-sufficient funds, returned check, bankruptcy, minimum balance and so on. The fees, when annualized, can exceed APRs in the triple digits.

Lead Envy believes in the importance of providing people with less-than-stellar credit with credit options. As a technology firm, with a fintech focus, Lead Envy supports lenders in an efficient, safe environment.

Online Lenders Alliance welcomes Lead Envy to its membership

Online Lenders Alliance

The Online Lenders Alliance (OLA) represents the growing list of companies who work to provide such credit options. Its members abide by Best Practices – a framework to participate in the lending ecosystem in a legal, transparent and fair way. OLA members also agree to adhere to the Code of Conduct for greater compliance.

Lead Envy’s Role in Online Lending

Financial technology firms have allowed lenders and financial institutions to innovate and introduce products to consumers in a way never seen before. Modern revolutionary methods – powered by big data – have allowed for sophisticated underwriting and artificial intelligence with machine learning under the hood.

Online Lending Podcasts now available

Archives from past podcasts from The Lend, as well as one related to unemployment and its impact on the lending industry are posted on this blog.

Upcoming webinars are in the planning stage starting with one on artificial intelligence and how it will help lenders solve real-time problems. Speakers from Ekata, ASI Group and Oiga Technologies will share valuable information in terms of fintech solutions.

Artificial Intelligence in the Fintech Space

Click here to listen to our panel discussion with guest speakers from Ekata, Oiga Technologies, and ASI Group.

Artificial intelligence is gaining steam in the business world to attain a competitive advantage but what about in fintech? A recent study survey from a London VC firm, MMC, found that 40 percent of European startups purport to employ AI but do not actually use it in a “material” way to their business. The term AI is becoming the new hackneyed “disruptor” buzzword, similar to “core competency,” or “synergy.” So how does a company truly get a competitive advantage by using artificial intelligence, especially a fintech?

In addition to the many features Lead Envy offers, current initiatives include artificial intelligence and machine learning.

Artificial Intelligence helps fintech companies gain a competitive advantage.

Machine Learning

First, let’s explore Machine Learning (ML). ML is a branch of the artificial intelligence trunk that utilizes the study of computer algorithms to allow programs to improve with experience. Employing ML concepts is one way to achieve AI in business practice. The key is that systems improve without explicitly being programmed, allowing the programs to learn from data themselves.

The top 10 machine learning languages, in no particular order, are:

  • Python
  • Java
  • C++
  • JavaScript
  • C#
  • Julia
  • Shell
  • R
  • TypeScript
  • Scala

Some examples of real-life machine learning systems are Siri, Alexa and Google Now. Sometimes, they will even ask, “Was that helpful?” or “Did that answer your question?” They use the answers to learn for the next time they visit the topic, as an example.

Machine Learning is a branch of artificial intelligence – machines improving themselves.

Different Types of Machine Learning

The three main types of ML are 1) Supervised Learning, 2) Unsupervised Learning, and 3) Reinforcement Learning.

Supervised Learning

Supervised learning is done with prior knowledge of the output values. It describes a class of problem that involves using a model to learn a mapping between input examples and the target variable. The goal is to learn a function that, given a sample of data and outputs, approximates the relationship between input and output observed.

Common algorithms in supervised learning include logistic regression, naive bayes, support vector machines, artificial neural networks, and random forests. 

The two main types of supervised learning problems are classification and regression.

  • classification – supervised learning problem that involves predicting a class label
  • regression – supervised learning problem that involves predicting a numerical label

Unsupervised Learning

Unsupervised learning differs from supervised in that it uses a model to describe, or extract, relationships in the data. The core difference is that it operates only on the input data, without outputs or target variables.

The two main types of unsupervised learning problems are clustering and density estimation.

  • clustering – unsupervised learning problem that involves finding groups in data
  • density estimation – unsupervised learning problem that involves summarizing the distribution of data

Reinforcement Learning

Reinforcement learning describes a class of problems where the system operates in a confined environment and must learn to operate using feedback.

Upcoming Webinar on Artificial Intelligence and Fintech

An upcoming Lead Envy webinar taking place on September 10, 2020 will feature speakers from Oiga TechnologiesStickboy, and Ekata.

In future posts, we will explore specific solutions for online lenders and similar companies in the fintech space.

Unemployment and the impact it has had on the lending industry

Wednesday July 8th was the first installment of a webinar series discussing current industry topics.

Invited guests included:

Liz Pagel – Senior Vice President, TransUnion
Chad Gray – Director of National Accounts, Equifax
Brian Muhlbach – Director of Communications, Online Lenders Alliance

These guest speakers from various organizations and roles gave valuable insight into current trends and future planning.

To hear the recording please click here

Affiliate Marketplace For Lead Providers

Lead Envy Affiliate Marketplace will help connect lenders with lead providers, affiliates and publishers in the small dollar lending space and beyond.

Lead Envy is developing an affiliate marketplace to help lenders connect with more direct affiliates, publishers, networks and lead providers. Since the initial government lockdown in March due to Covid-19, lead volume fell precipitously. The downturn caused shortfalls in lead providers’ inventory, leading to a drop in what lenders were able to deploy on the street. In addition to the drop in demand, in-person conferences are cancelled depriving companies of introductions and opportunities. The Lead Envy Affiliate Marketplace aims to solve these issues.

Sell (& Buy!) From More Lenders With Affiliate Marketplace

The benefit for affiliates to connect with more lenders to place their leads is obvious: the more direct lender connections, the higher the payout. What is less glaring is that lenders are generating their own leads to a greater extent than ever before. Organic traffic to their website comes along with years of branding and dealing directly with consumers. What happens to leads they cannot originate, though?

The Lead Envy Affiliate Marketplace will automatically populate the lender’s list of potential buyers in their ping tree. A lender will no longer have to figure out the best place to send their leads because it will be easy to activate the affiliate as a buyer!

Affiliate Marketplace Streamlines The On-Boarding Process

Setting up a new lead provider is not a streamlined process for lenders. On-boarding new affiliates is laborious process due to all the manual steps involved. Once the two parties indicate their desire to work together, they embark on a time-intensive exchange of paperwork, filters, caps and price points before it even falls in the technical pipeline. Tech then begins programming API’s and testing leads.

In the Lead Envy Affiliate Marketplace, it will all be turn-key. The API into Lead Envy is set once…and only onc“We spent so much time integrating a new lead provider that ultimately generated less than 10 leads a day. It wasn’t worth the effort.”e. The only thing that changes with each lender is the credentials and price points. Filters are automatically sent to the lead provider, including any changes.

“We spent so much time integrating a new lead provider that ultimately generated less than 10 leads a day. It wasn’t worth the effort.”

– Lender on Lead envy’s platform

Advertising Within Affiliate Marketplace

Bundled in with the new affiliate marketplace is advertisement placement to get the affiliate’s name out in front of lender prospects. Release notes, monthly newsletters and social media posts will feature banners displaying the affiliates enrolled in the marketplace. In addition, a new banner will appear each lender’s instance to provide greater reach.

For an affiliate looking for the utmost visibility, platinum spots for greater exposure, including prominent display and higher frequency. Our goal is to have affiliates on the Lead Envy Affiliate Marketplace working directly with each and every lender on the platform. The more connections, the greater the transparency.

Compliance

Once a lender “activates” an affiliate listed in the affiliate marketplace, their lender questionnaire will go out to the contact person on the affiliate’s profile. It will contain vital information about the lending entity, as part of the due diligence process. The affiliate’s vendor questionnaire will also be available for the lender, as well.

Each lead provider profile will include key contact information such as:

  • Company Name
  • Contact Person
  • Email Address
  • Logo
  • OLA Seal (only if they are members of the Online Lenders Alliance)

Ready to grow your business? Fill out the form on our contact page and indicate in the message that you’re interested in the affiliate marketplace. Let the intros begin!

Installment loans: How to optimize your lead spend

Installment lenders face an entirely new set of challenges as they move from organic traffic and brick & mortar, to buying leads from lead generation sources.

The tools, models, and data relied upon for traditional underwriting no longer apply. And, most importantly, digital identity components like email and IP addresses, previously excluded from transactions, now play an important role.

In this webinar, we discuss how to harness new data sources like email, IP address and phone numbers with sophisticated decision platforms in order to produce rules and scorecards that give lenders an edge in their lead generation.

Watch this on-demand webinar to learn

* How to leverage identity information to determine the validity of a lead
* How to create rules and scorecards using new data sets
* How to move beyond fraud and start auto-funding your best leads

Click here to download the webinar