Lenme Builds a Secure and Reliable Lending Platform Using AWS

With 138 million Americans struggling financially and in need of a short-term loan product, Lenme is committed to building an automated platform that scales as needed to serve this purpose. The challenge of customer acquisition, verification, and evaluation has always been a priority and a costly essential for lenders. It is a complex and time-consuming process that often involves high costs and risks. “The AWS suite of artificial intelligence and machine learning services have enabled us to address the longstanding challenges of acquiring, then accurately verifying, and evaluating customers in the lending industry,” says Mark Maurice, chief executive officer (CEO) of Lenme. Lenme addressed this challenge by using AWS services to verify and qualify borrowers in just three clicks with the artificial intelligence (AI) capabilities in Amazon Rekognition Identity Verification API, which helps Lenme to verify customers with high accuracy and within seconds. Amazon Rekognition is a fully-managed AI service that offers pre-trained and customizable computer vision (CV) capabilities to extract information and insights from images and videos. Lenme’s new technology is helping the company provide low-cost products while establishing itself as a trusted leader in the lending financial industry.

Lenme researched various cloud service providers and chose AWS because trust and reliability are key for mobile financial services. The service capability and maturity, regional availability, cost savings, and other considerations of AWS services also played a crucial role in Lenme's decision to choose AWS. In addition, AWS offered a comprehensive suite of services and solutions that made it a perfect fit for Lenme's needs. Building on Amazon Rekognition, Amazon SageMaker, and Amazon OpenSearch Service, Lenme created a fully automated, now-standard suite of services, such as identity verification, and the ability to qualify borrowers accurately while minimizing lending risks and improving default rates. Using Amazon SageMaker, a service to build, train, and deploy machine learning (ML) models for virtually any use case with fully managed infrastructure, tools, and workflows, Lenme created a ML algorithm that deployed to the cloud, minimizing up to 80 percent of the risk associated with manual verification processes in lending. It also improved the average default rate for lenders using its data services. The company also uses OpenSearch, a distributed, community-driven, 100 percent open-source search and analytics suite used for a broad set of use cases like real-time application monitoring, log analytics, and website search, to analyze borrowers' banking data more accurately than ever before and to run queries on unstructured data in an easy and seamless way. Lenme also removed barriers and allowed easy access for lenders who can now fund loans and deploy services with their own algorithms and requirements on the Lenme platform using Lenme APIs.