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KLC Financial Implements Tamarack Technology’s AI Platform

March 23, 2022, 07:21 AM
Filed Under: Technology

National equipment leasing and finance company KLC Financial, Inc. has successfully implemented, an artificial intelligence (AI) platform from Tamarack Technology, Inc. An element of KLC Financial’s growth strategy, the company is using the fully integrated AI tool to increase efficiency and accuracy of its decision-making.

“In equipment finance, you have to look at every available tool and technology to help you compete,” said KLC Financial CEO Spencer Thomas, CLFP. “We felt that AI was a tool we needed to adopt into our business processes in order to become more efficient and accurate in our decision-making. With, we found a solution that could help us scale and grow using our data and our way of doing deals.”

One of the first companies to implement in the second half of 2021, KLC Financial has already begun to realize positive results and is looking to leverage the tool further. According to Thomas, “ is helping KLC Financial make decisions on a daily basis on how and which businesses the company goes forward with.”

For KLC Financial, the next step in the implementation of is the use of the platform’s prediction capabilities in the automation of processes to further drive digital integration across the organization.

“We have an aggressive growth plan that will rely on the use of the platform’s prediction tools to be more focused and more productive,” said Thomas. “We view as a tool to help us reach the ‘right customer’ with the right product at the right pricing, and expand into new markets – to find customers we didn’t think about before and be more confident in our decisions. It is going to empower us to be able to do more and scale faster.”

Designed for the equipment finance industry, continuously and autonomously helps reduce capital risk through analysis and learning gained from operational data that reflects an institution’s business processes. The Tamarack Technology team worked closely with KLC to identify the data universally available across past transactions and built it into the model. The system is implemented to draw data from all KLC’s digital systems – past and present – for the last five years of business.

“Working closely with an innovator like KLC on the application of demonstrated to us the vast potential that the platform has for enabling digital transformation,” said Tamarack Technology President and Chief Digital Officer Scott Nelson, PhD. “The experience highlighted the value of collecting ‘good data;’ specifically the many data points collected during traditional underwriting that can then create predictions of customer, lender and lessor behaviors.”

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