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ISCOVER
In the ever evolving fintech landscape, I proudly lead LoanOptions.ai. As Australia’s first AI-powered loan comparison platform with the ability to be embedded on any broker website, completely white labelled, the business has been recognised as reshaping the loan marketplace for borrowers and lenders in Australia and New Zealand. It was a great honour for the business to recently be named as the Finance Brokers Association of Australia’s Industry Supplier of the Year and listed in the Deloitte Tech Fast 50.
I founded LoanOptions.ai in 2020 with a bold vision to entirely automate the loan application process, making it easier for everyone involved. This vision was guided by my experience in finance, technology, and business. After leaving school and studying web development, I was given an opportunity in an asset finance company. I spent more than a decade in the asset finance industry, scaling multiple businesses as a senior employee and my time there gave me ammunition to address the many pain points I observed in the loan application process.
Three years later, we are doing just that. With the help of our dedicated and laser-focused team, we are making applying for a loan as easy as checking out in an e-commerce store. Think autonomous loans supervised by brokers.
In reference to his automobile innovation, Henry Ford once said “If I had asked people what they wanted, they would have said they want faster horses”. At LoanOptions.ai, we see every point in both the customer’s and broker’s journeys as an opportunity to find innovative solutions to industry problems. We even have a special research, development, and innovation team called “Applied Sciences” (paying tribute to Batman’s Lucious Fox) that is solely tasked with trying to solve the industry's problems and friction points using the latest and bleeding edge solutions and technology.
We are also addressing the gap in financial literacy amongst borrowers and bringing a level of transparency that the industry had not seen before with full disclosure of fees, charges, and rates upfront. Customers can even use our Loan Tracker tool to track the status of their loan application like tracking a pizza delivery.
Our market-leading loan comparison tool uses artificial intelligence to analyse real-time data to create personalised recommendations for clients for business, personal, vehicle, equipment, working capital, asset finance loans and more. Using data-driven proprietary technology, LoanOptions.ai can pre-approve applicants with the best loans tailored to their specific financial situation, cross checking credit policies from over 75 banks and lenders.
The cornerstone of our platform, the Auto Complete Engine (ACE), uses advanced technology, AI, and third party services to pre-fill client information and match against lender requirements, cutting the loan application process in half with absolutely no impact on the customer’s credit score. All customers have to do is scan their documents and receive loan options in minutes.
We’re also proud to offer our customers a first-of-its-kind large language model called Ask AILO, purpose built for LoanOptions.ai to help customers and our own internal brokers get answers to commonly asked questions about credit policy and applications.
Having launched during COVID-19, our business was born into a world of adversity and has since only ever known adversity including supply chain issues impacting customers purchases, followed by a challenging rate rising climate with rampant inflation and a cost of living crisis. I would say the toughest part has been dealing with some of the failed projects and broken promises that sometimes come with business.
Despite the challenges, with each version of LoanOptions.ai, we have continued to learn, evolve, and grow. We are now at version 3.0 and I can proudly say this is the closest we’ve come yet to realising our original vision.
In 2023 we scoped the market for technology that was available to mortgage brokers to help them generate more home loan leads as well as diversify into other finance types like asset finance. What we found is that mortgage brokers were actually really under-serviced in tools and technology that can help bring in new business and opportunities. We provided this to hundreds of brokers last year and we plan to serve thousands more with our latest technology in 2024.
There are a lot of wins to celebrate, but it’s also important to note that this is still only the beginning for LoanOptions.ai. We have made a commitment to continue to build the best tools and technology to support our mortgage broker network and will continue to innovate and disrupt in the pursuit of simplifying and streamlining loan comparison and matching for customers and lenders.
In the next five years, we want to become a top ten asset finance brokerage while building the finance industry’s best and most innovative technology and making it as accessible as possible for everyone to succeed and grow. We want to be recognised as an industry leader and as a pioneer in all emerging technologies consistently propelling the customer experience forward into the future.
Learn more here : https://loanoptions.ai/
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