15 May 2024, Auckland: New Zealand’s first-ever loan comparison platform powered by AI, LoanOptions.ai, has launched the latest version of its application which almost entirely automates the car, equipment, personal and business loan application process.
Dubbed LO3.0, the app reduces the loan application process by as much as 50%, which means Kiwi borrowers can spend as little as five minutes applying online and comparing with no impact to their credit score.
The cornerstone of the platform is the company’s all new Auto Complete Engine (ACE). It uses advanced proprietary technology and third party Application Programming Interfaces (APIs) to prefill client information from documents including driver’s licence, credit file, bank statements and payslips if applicable. With absolutely no impact on the customer’s credit score, the technology produces the best loan matches within minutes.
For the majority of customers, approval is not far behind. The technology identifies and presents loans that are most likely to be approved, and supported by a team of expert finance brokers they apply their human touch to help concierge the client through the process. In the best cases the money has hit a borrower’s account within the hour. As if things couldn’t get any simpler, borrowers can also keep tabs on the status of their loan just like tracking a pizza delivery using the company’s Loan Tracking tool.
LO3.0 includes a host of additional features including an all new user interface, advanced Anti Money Laundering and Counter-Terrorism Financing (AML/CTF) tools and Ask AILO, the first-of-its-kind large language model (LLM), purpose built for LoanOptions.ai to help customers get answers to commonly asked questions about credit policy and applications.
Julian Fayad, LoanOptions.ai Founder and CEO
Founder and CEO Julian Fayad says the latest developments are the closest manifestation to his original vision for the platform.
“We had a bold vision when we launched LoanOptions.ai 3.5 years ago in Australia. Last year, we were honoured to announce the expansion of our award winning platform to New Zealand and today we are thrilled to bring our latest and most advanced technology to the country that truly embodies that origin vision,” he said.
“The adoption of such technology within New Zealand brokerages will streamline and simplify the entire loan application process for Kiwi brokers and their clients.”
“We know our friends and neighbours in New Zealand have an appetite for technology that makes things better and we are committed to continuing our growth and development here, bringing more options and transparency to borrowers.”
For more information, please visit https://loanoptions.ai/nz
