We’re currently piercing the dawn of a new technological era whereby artificial intelligence (AI) and Machine Learning are at the forefront. From virtual agents and driverless cars to smart homes, speech recognition and more, the impact has jolted us into an advanced technological era, and the lending industry is no different.
AI-powered fintech startups are now using AI to:
- Cut costs
- Easily sift through large amounts of data
- Automate and shorten approval processes
- Reduce human error
- Implement customer service chatbots
The contagious power of AI is having such an immense impact that it’s been predicted by KPMG that in the next 15 years, it’s likely that up to 75% of financial service jobs will be performed by robots. This will greatly impact the operational costs of businesses (with up to 75% cost savings), allowing them to spend money in other areas of the business and facilitating faster growth. The figures speak for themselves and now thanks to developments in cloud computing, open-source software and big data, pandora’s box has been opened with the technology becoming increasingly mainstream, and giving way to AI lending marketplaces…
AI Lending in Action at Become
Become used to dabble in machine learning in lending platforms but has now focused more on AI. The company has become the leading AI-powered marketplace for business loans in Australia and is also speedily climbing the ranks in the US.
The patented AI algorithms match eligible businesses with optimal lenders and here’s the catch that really makes the difference, the lenders are relevant. Just like a dating website wouldn’t match up you up with a female with black hair if you specifically stated in your sign-up form that you were searching for a male with red hair (for example’s sake), Become’ matching technology works in a similar way, but ensures that you get the most optimal match.
MatchScore™ – Matching SMBs with Lenders
Become’ “MatchScore™” algorithm essentially filters the nonsense. Advanced algorithms achieve the optimal lender-to-SMB match based on the analysis of multiple parameters. It’s ‘waterfall’ mechanism automatically re-assigns lenders until the SMB selects its match.
In other words, it ensures that business owners seeking a certain type of loan are only matched up with AI loans and offers that they’d actually be interested in and able to qualify for. This saves them the hassle of submitting numerous application forms. There’s none of that ‘spray and pray’. There’s no time wasted. There areonly quality results when it comes to AI lending.
Automated Application Review = higher approval odds
Each application submitted will be scanned by AI tech. It’s automatically reviewed and cross-validated to ensure nothing but 100% accuracy, something that humans would find impossible to do and results in higher approval odds.
Transparent LendingScore™ Dashboard
Become uses its proprietary AI technology to deeply analyze each business to provide a tailored funding profile. This profile is in the form of a simple scoring system and LendingScore™ Dashboard which shows the businesses:
- Areas for improvement
- Provides a step-by-step tailored path to improvement
LendingScore™ is the new FICO for small business lending.
The company is also working on using its “Shaping” AI technology to help businesses who can not currently qualify for a business loan and ensure that they’ll be able to as soon as possible.
Become Takes Second Place at Israel’s Largest International FinTech Competition!
FinTech Junction is Israel’s largest international fintech conference and this year, on June 24th (2018) at the Hilton Tel Aviv, the jam-packed day held near 50 sessions and over 90 ambitious speakers from startups shaking up the fintech industry.
The conference boasted the latest trends and technologies from companies that are revolutionizing the financial and technological services of today. In this coveted event, the brightest minds in the industry converged from over 20 countries to pitch their company.
CEO and Co-founder Eden, presenting at FinTech Junction (June 24, 2018)
We are ecstatic to announce that led by our CEO Eden Amirav, Become made it to the finals of FinTech Junction and went onto take second place! Be it Eden’s suave or the company’s brilliant AI technology, or more likely, a combination of the two, Become is leading the alternative lending industry into a new age.
Benefits of Become’ AI Loans Platform
How AI technology used by Become benefits the company:
- Cuts the time applicants spend on applications to lenders
- Matches applicants with suitable lenders
- Benefits Lending Partners – they’re matched up with potential borrowers interested in their loans that can qualify
- Provides a fast, simple funding solution (business loans)
CEO and co-founder of Become, Eden Amirav explains that Become is:
“Charting a new path for SMBs to access loans, our proprietary technology not only matches SMBs with their ideal lenders at an unprecedented success rate but also does so painlessly. As we expand, we look forward to supporting the ever-growing SMB sector, in the US and Australia, and beyond.”
It seems that implementing AI technology has provided Become with the key to pleasing both lenders and borrowers. And it’s not just Become, AI, as well as machine learning in lending, has enabled key players across the fintech landscape to dramatically transform, cut costs and shorten the approval process. This is just the tip of the iceberg and we’re certainly excited to see what the future holds. Watch this space!
The Future of Finance
It’s estimated that at least 5% of ALL economic transactions will be handled by autonomous software in 2020! If you’re thinking ‘will I lose my job due to the increase in AI?’ you’re not alone. With a McKinsey report estimating that machines will do 10-25% of work across banks, it may not be that jobs are lost but rather created. Cap Gemini found that 4/5 organizations using AI have gone as far as actually creating even more jobs. The term ‘Digital Marketer’ for example was something unheard of 10 years ago.
Humans will have to learn to partner with their tech counterparts and use it to their benefit. This could also drastically free-up time for employees, allowing them to focus on other high value tasks and projects according to the report.
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