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Brokers wishing to diversify can now utilise the AI Loan widget from LoanOptions.ai to help streamline their offering.
The tool was built in conjunction with LoanOptions.ai’s sister company, DriveIQ Technology, and is designed to work for a variety of different industries.
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It utilises artificial intelligence to match clients to 68 lenders across the personal, business and car loan space, and select relevant products.
Mortgage brokers and financial advisers are now being offered the use of the widget under a white label offering.
According to the company, the widget could help users diversify into areas of lending that they don’t currently write.
For example, mortgage brokers could embed the tool into their site to diversity into asset finance, while asset finance brokers can use the tool to streamline their lead, inquiry, application and document capture from their clients.
It may also provide access to lenders that the broker is not accredited with.
Founder and chief executive of LoanOptions.ai, Julian Fayad, said the offering aims to provide an “entire seamless application journey so that clients can apply directly on the partners website”.
“This gives the businesses the ability to seamlessly quote accurately from over 68 lender options, capture leads for car loans, personal loans, business loans, equipment loans, caravans, motorbikes and more,” he said.
“It also allows them to capture an entire application complete with supporting documentation and digitally signed compliance documents, at which point they are funnelled directly through to us to have our expert team finalise the process.”
The loan widget has intelligent tracking built in that will allow the user to see the source of the client application. It will also have a colour palette that can be altered to suit various businesses and brand colour schemes.
Partners will also be able to keep track of each inquiry via a partner dashboard and receive email updates through complete automation.
“We are focusing on a revenue sharing model, so it creates value immediately for both parties without risk for the business wanting to try it out,” he continued.
“We believe that this is the best tool for a seamless application journey for the client and provides real transparent options as the client adds more information. The more information provided, the more accurate the results.”
A similar product comparison tool was launched by LoanQ in December 2021 that could be embedded into a broker’s website to enable their clients to start their loan applications online.
Earlier this year, LoanOptions.ai revealed their internal figures over the 2022 financial year, having funded $37 million worth of loans for its clients, with an average loan size of $40,200.
This figure is reported to have increased by $12 million year-on-year.
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