Inside LoanOptions.ai's latest AI adviser platform
New Zealand mortgage advisers now have access to a new tool that leverages artificial intelligence (AI) to efficiently match customers with loans.
LoanOptions.ai, a fintech company established in Australia, launched its New Zealand iteration in October, promising to almost entirely automate the car, equipment, personal and business loan application process.
The company claimed its latest version, called LO3.0, reduces the loan application process by as much as 50%, meaning borrowers can spend as little as five minutes applying online and comparing with no impact to their credit score.
This can be embedded on any adviser’s finance systems, allowing them to use the solutions to meet client needs.
LoanOptions.ai’s founder and CEO Julian Fayad (pictured left) said the adoption of such technology within New Zealand brokerages would 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,” Fayad said.
How the NZ mortgage fintech works
LoanOptions.ai's platform leverages an automated document processing system called the Auto Complete Engine (ACE).
This system uses advanced technology and third-party APIs to extract and pre-fill client information from various sources, including driver's licenses, credit files, bank statements, and payslips (if applicable).
The system analyses a borrower's information to identify suitable loan options with a high chance of approval.
Loan specialists are still vailable to provide guidance and support throughout the process. In some cases, loan funds may be received within an hour.
For added convenience, borrowers can track their loan status through the loan tracking tool, similar to tracking a pizza delivery.
With each lender having their own credit policy and acceptable loan types and asset classes, Fayad said advisers can sympathise with borrowers who have to navigate the complex changes to credit policy and pricing.
“Our technology is designed to help the clients navigate the maze of searching for the right loan product and the right lender for a suitable match,” he said.
“The technology helps brokers by supercharging their website to help capture high-quality, qualified home loan leads that they get to keep for free, whilst also providing an online application platform and loan comparison for all other loan types that may not be their core business.
“Our team of expert asset finance specialists will help facilitate those loans so that the brokers can focus on their core business.”
Adviser open to innovation
For adviser David Chakravarty (pictured right), director at Premium Finance, the LoanOptions.ai platform provides the “easiest way to go through the loan application process”.
Based in Auckland, Premium Finance deals with mortgage lending including first-home buyers, refinancing, existing loan top ups, business loans with and without equity, commercial loans, development finance, construction loans and more.
“Because we are truly independent, we can select the right products and services that suit client needs taking into account the client's current situation, future goals, budget, and personal preference,” Chakravarty said.
“Over the years, we have helped our clients save thousands of dollars by matching clients' needs with the appropriate cover.”
Chakravarty said he is always open to innovation and “finding faster and more effective ways to solve problems”.
“LoanOptions.ai has been very helpful in funding specific client requirements including short term business funding for a client with no collateral,” he said.
“Their team is very helpful. I would highly recommend LoanOptions.ai to other advisers who are keen to add value for their clients.”
LoanOptions.ai’s NZ launch
Since LoanOptions.ai’s soft launch, the fintech has entrenched itself within the market, funding over $1 million in cars, personal loans, business loans and equipment.
Fayad said the company has grown its panel of 20 lenders and has over 50 partners signed up, including mortgage advisers, automotive dealerships, and financial marketplaces.
“We are in discussions with a number of aggregators to help bring this offering to their entire network. Our results are growing exponentially every month and whilst it still is very early, we are extremely pleased with the results and uptake so far,” said Fayad.
“We have just started to roll out Version 3.0 to partners and we are welcoming all advisers to enquire and schedule a demo to see how our white label technology and our team of expert asset finance brokers can help their business.”
