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A new innovation from the loan comparison platform and brokerage has been launched to help customers track their expenditure.
LoanOptions.ai has rolled out a new bank statement analysis tool that aims to help clients keep track of spending as part of the loan application process.
The loan comparison website and brokerage has launched the analysis report to provide clients with an overview of their spending habits, breaking down expenses by categories and comparing these to consumer averages.
The tool also provides insights generated by artificial intelligence (AI) and practical support to help clients manage their spending, such as data to help clients manage income during different stages of a pay cycle and a subscription analysis tool.
LoanOptions.ai founder and CEO Julian Fayad said this new tool is designed to help streamline and simplify the loan application process for clients.
“Accessibility and transparency for Australian borrowers have always been key motivators for us,” Fayad said.
“Our technology displays loan options to a customer that they are actually eligible for, and that are most likely to be approved, with no hidden fees. The entire process is supported by our human brokers who are masters of their art and let customers know they are supported the entire way through.”
Last year, the fintech released an Auto Complete Engine (ACE) that uses AI and third-party services to reduce loan application times by more than 50 per cent.
And in an Elite Broker interview earlier this month, Fayad said LoanOptions.ai was using AI across a number of different technologies.
“We use historical data and scenarios of clients to predict the probability of approval. That’s the core functionality of what AI does in our business,” Fayad told the Elite Broker podcast.
“So, we have hundreds of thousands of scenarios that get run. We have 75 banks and lenders. How does the client navigate that? If there are five or six options that are available to them, how do they know which one to pick? Because they all might have similar features and benefits.
“So [our] AI is looking at around 100 data points that include their employment classification, their credit score, the age of their credit file, how many inquiries they’ve had in the last three months, [and] even their banking conduct.”
Fayad said the new analysis report and innovations such as LoanOptions.ai’s Loan Tracker tool are all about making the loan application process easier for clients.
“We are always coming up with new ways to support Australians to reach their financial and personal goals and fulfil their dreams,” Fayad said.
“We have been excitedly developing this new feature and are thrilled to take it to the market now and let our customers enjoy a new level of transparency, service, and financial management.”
[Related: How this brokerage is harnessing AI to accelerate loan writing]
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