Open Lending Partners with Crescent Bank

By Staff Writer March 12, 2023

Open Lending Corp., a provider of risk analytics solutions for financial institutions, has announced a partnership with Crescent Bank, an institution offering auto loans to consumers across 32 U.S. states. As rising interest rates and vehicle prices inhibit access to car ownership for consumers in near- and non-prime credit segments, Open Lending’s Lenders Protection platform should empower Crescent Bank to grant loans to underserved borrowers via a streamlined approval process.

With demand for auto loans on the rise, Crescent Bank will utilize its partnership with Open Lending to engage a wider non-prime customer base. Open Lending’s proprietary analytics, supplemented by alternative data, will enable Crescent Bank to predict risk, increase pull-through and approval rates, and book more approved and conditioned loans.

Lenders Protection will allow Crescent Bank to build strong indirect lending relationships with auto dealerships via instant loan decisions and customized loan offerings. Speed and personalization are crucial to meet borrower expectations in a crowded market, and Crescent Bank will use Open Lending’s automated decision offering to drive portfolio growth and help dealers modernize their lending services.

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Last modified on Thursday, 16 March 2023 12:31