Posted by: Liz Jones
Adaptive Payments and ConnectMedia Ventures named runners up
The Online lenders Alliance (OLA) is pleased to announce that MicroBilt Corporation is the recipient of the 2012 OLA Innovator of the Year prize for its new verification software that enhances the customer experience by enabling borrowers to efficiently move through the loan process and access deposits in a timely manner.
“The OLA Innovator of the Year award is about developing groundbreaking financial products that better serve the customer,” said OLA President and CEO Lisa McGreevy. “MicroBilt has truly shown leadership with its new product, Instant Bank Verification (IBV), and we are extremely pleased to honor them as Innovator of the Year.”
IBV increases the convenience for consumers in online lending by allowing fully automated loan decision making. The result is faster loan approvals and cash in the hands of consumers sooner. Consumers enter the required information that they would normally provide and IBV does the rest. The software verifies the consumer bank account information, as well as employment and payroll information, reducing the amount of verification time that consumers spend with a call center prior to receiving their loan. Moreover, consumers are afforded better loan options based on real-time banking data. Prior to IBV, consumer loan amounts were driven primarily by their payment history.
“We are honored to be named Innovator of the Year as there was some stiff competition,” said Sean Albert, Senior Vice President of MicroBilt. “IBV really is a cutting-edge solution that gives lenders more accurate information so they can provide their customers with faster and more affordable loans.”
The award was presented to MicroBilt on September 20th at the OLA Leadership + Innovation Conference after being selected from 12 entrants by a panel of judges and an open vote from OLA conference participants.
OLA also honored the two runners up – ConnectMedia Ventures for its new Mobile Verified Leads & eSignature Platform and Adaptive Payments for its funds transfer product, Accelaca$h. ConnectMedia Ventures’ new platform enables consumers to conveniently conduct financial transactions using their mobile phones. Adaptive Payments’ Accelaca$h makes accessing funds even easier as lenders are able to instantly deposit funds into a consumer’s bank account using the debit card that is linked to that account.
“I would like to congratulate all three companies,” said McGreevy, “for developing innovative products that enhance the customer experience and provide real solutions to small, short-term lenders.”
The Online Lenders Alliance is a professional trade organization representing the growing industry of companies offering online consumer small, short-term loans.OLA member companies abide by a list of Best Practices and Code of Conduct to ensure that customers are fully informed and fairly treated.