Teledata Communications, Inc. (TCI), the provider of DecisionLender 4 (DL4), a cloud-based consumer loan origination platform, announced today that San Diego-based Axos Bank has expanded its auto lending program with the addition of direct lending options, as well as boosted its indirect auto lending program with new automated decisioning features. Since launching TCI’s DL4 platform, the bank has added more than 700 new accounts, while maintaining a less than one percent delinquency rate.
Axos Bank, a fully digital and technology-driven financial services company, has used DL4 for automating direct auto loans since 2018. The Bank strategically launched the new direct and indirect lending capabilities in a slow, controlled manner in order to closely monitor risk and maintain low delinquency rates. According to the bank, DL4 provides sophisticated analytic tools to test decisioning rules and models. As a result, the bank has been able to grow its auto lending program without exposing the bank to new risk.
“The initial DecisionLender 4 implementation strategy involved being very intentional in its use,” said Charles Martinez, vice president of auto lending at Axos Bank. “We did not want to have a huge amount of growth at first because we wanted to monitor our portfolio and credit model. After watching our loan volume successfully grow, our goal moving forward is to originate even more auto loans, further automate, and improve the consumer experience.”
Axos Bank cited several key factors in partnering with TCI including its industry reputation for providing excellent service, affordable pricing and most importantly, TCI’s streamlined go-to-market strategy, which enabled the bank to maintain its aggressive launch timeline. Axos Bank was able to successfully launch a comprehensive online auto lending program in which customers could complete and sign loan applications and documents electronically, at any time, from anywhere, which has reduced abandonment rates and improved the bottom line for the digital-only bank.
Martinez added, “The new automation we have has increased our closing rates. The application process is now streamlined through every channel, providing our customers with the best banking experience, which they have come to expect from online lenders. We are looking forward to processing loans more efficiently and expanding our outreach.”
Bill Nass, president of TCI, said, “It is rewarding to see how quickly Axos Bank was able to implement direct and online lending programs using DecisionLender 4. Its staff shared with us that they are already seeing how DecisionLender 4 enables them to quickly shift and address the markets’ needs. We are proud to partner with Axos, helping them stay competitive and expand their auto lending offerings through intelligent automation to ensure success today, as well as future markets.”
Axos Bank has $11.8 billion in assets and was named the Best Bank in 2019 in San Diego, one of America’s Best Banks in 2019 by Forbes, as well as one of the Best Online Banks by MyBankTracker.
About Axos Financial, Inc. and Axos Bank
Axos Financial, Inc. is the holding company for Axos Bank, a nationwide bank that provides financing for single and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables. With nearly $10 billion in assets, Axos Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners. Axos Financial, Inc.’s common stock is listed on the NYSE under the symbol “AX” and is a component of the Russell 2000® Index and the S&P SmallCap 600® Index. For more information about Axos Bank, please visit www.axosbank.com.
About Teledata Communications, Inc.
Founded in 1982, Teledata Communications, Inc (TCI) is the provider of DecisionLender 4, a consumer loan origination platform (LOS). DecisionLender 4 is completely configurable, cloud-based, supports branch, online lending, indirect auto and merchant lending, deposit account opening and cross sell. The robust decisioning engine is the most versatile on the market, enabling manual or automated workflows. With over 130+ different 3rd party integrations ranging from alternative data sources, to fraud protection, to esignature and more, DecisionLender 4 truly empowers you to do business YOUR WAY! www.tcicredit.com
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