Olympia, Wash.-based QCash Financial, a CUSO providing automated, cloud-based, omni-channel small-dollar lending technology for financial institutions, announced the launch of the latest version of its digital lending platform.
According to QCash its newest platform version provides improved flexibility in its Decision Manager algorithm. In this update, financial institutions can develop multiple decision models that take into consideration different indicators of a loan applicant’s ability to repay, such as income, on-time payments or other factors. The update also offers financial institutions the ability to perform A/B testing to determine which decision models provide the best results and the ability to track each model’s performance to improve profit and loss statistics.
“We are continually adapting our lending platform to fit the industry’s and borrowers’ needs,” Ben Morales, CEO of QCash Financial, said. “We observed that financial institutions wanted more control over how to determine their borrowers’ abilities to repay and especially wanted to offer their customers and members access to financial coaching, so we developed solutions to address those concerns.”
The new feature also prompts loan applicants to reach out to the debt counseling experts at the financial institution and offers financial coaching materials. Often, consumers applying for small-dollar loans need additional guidance to improve their overall financial stability, and this additional feature directs applicants to take advantage of experts at their trusted financial institution.
The newest QCash platform also introduces a Campaign Manager feature, which allows financial institutions to offer a select group of customers or members promo codes to waive fees or lower interest rates when applying for a loan. For example, a financial institution may want to reduce fees and rates for consumers who are experiencing a regional or local catastrophe or may be in the middle of a furlough. The financial institution merely needs to input a CSV file of which customers or members to target.
The QCash platform also expands from only fee-based and interest-based loan products, to include an open-ended line of credit loan option. The QCash loan platform is fully configurable and financial institutions can determine the loan amount, term and interest rates or fees to offer customers or members.
The $2.7 billion, Olympia, Wash.-based Washington State Employees Credit Union created QCash in 2004 to meet the short-term lending needs of members who were requesting large money orders to pay off payday lenders.
