Open Lending Named Winner Of 2023 Nafcu Innovation Award

By Author: Otis
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The 2023 NAFCU Innovation Award went to Open Lending Corporation (NASDAQ: LPRO), a leading provider of risk analytics solutions for financial institutions and automotive lending enablement. The company's improved Lenders ProtectionTM scoring was the reason for the recognition. The National Association of Federally-Insured Credit Unions (NAFCU) Innovation Award is a highly esteemed recognition bestowed upon businesses that have made noteworthy and inventive contributions to the prosperity of credit unions, especially in the fields of software and technology.

With its influence on helping credit unions through the automobile lending industry's issues, the award-winning solution—the upgraded Lenders Protection tool—deserves praise. Kevin Filan, Open Lending's Senior VP of marketing, was ecstatic about the accolade, saying it proves the tool is helping financial institutions help people who are generally considered too risky for traditional credit scores.

As a result of Open Lending's recent partnership formation with CUNA and its selection as a finalist for the Credit Union Times LUMINARIES awards, the company ...
... has received this honor. Financial institutions may better assist the underserved, especially those with poor credit scores or no credit history at all, thanks to Open Lending's efforts to equip them to do just that. By using alternative data variables to more correctly assess borrower risk, the company hopes to dispel myths about risk and open the door for more people in the United States to get loans and improve their financial situation. In the end, we want borrowers to be loyal to their banks for the long haul.

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