Lending Insights & Automation For Low-Wage Employees

Challenges

 Instant Financial offers a unique service that allows low-wage employees, who are typically paid bi-weekly, immediate access to their earned wages without fees or interest. A major hurdle was the delay in employment verification; client companies often reported employee hours a week or more after they were worked. This lag made it risky to advance payments without confirmed working hours. The challenge was to develop a predictive model capable of estimating an employee’s weekly hours without direct reporting.

Solutions

We developed a sophisticated model that integrates data on average hours worked and the duration of employment at a company to predict weekly hours worked. This predictive insight enables more informed lending decisions. Additionally, we utilized historical employment data from past employers to enhance the accuracy of our lending insights, further tailoring the model to individual work patterns. 

Results

75% Drop in Customer Support Issues!

Implementing Gradient Ascent’s model transformed a process that was previously manual, laborious, and prone to errors into an automated system with 80% accuracy. This innovation significantly boosted our clients’ operational efficiency, reducing the time customer support spent on data collection and issue resolution by 75%, thereby enhancing overall service delivery to their customers. 

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