Credibly is to enhance its AI-driven offering for small businesses with the launch of a new lending platform, Credibly.ai.
Credibly, a fintech company that focuses on small business loans, has launched a new online platform for automated lending decisions – Credibly.ai.
The new resource leverages the power of generative artificial intelligence (GenAI) to make the process of getting business loans quicker, easier, and more efficient. The platform offers a streamlined, self-service checkout experience that helps business owners secure necessary funding within minutes. Besides, with the help of AI analysis, SMBs receive better-matched financing options, tailored to each enterprise’s specific needs and unique situation.
The benefits of GenAI for the loan underwriting process are numerous. First, AI can analyse a business’s financial data much quicker than humans do. Instead of hours or days, the smart technology can assess risk and determine loan eligibility in a few minutes, making loan approval almost instantaneous. Besides, AI can consider numerous different data points, like cash flow, business history, and industry trends, to make better default predictions without impeding the underwriting speed. Finally, having AI assistant capabilities at hand, the platform effortlessly guides users through the process and answers questions in real-time.
The new platform is the next logical step in Credibly’s evolution. Last year, the company introduced a GenAI tool that helped its underwriters search the internet more effectively, automatically collecting and verifying information about business applicants. The tool proved its efficiency: the company has cut the cost of reviewing applications by 85% compared to the old manual method, while the tasks that used to require about 10 minutes have started to take seconds.
The firm’s co-founder, Ryan Rosett, noted that AI tools have improved both employee efficiency and customer satisfaction. Besides, their lending decisions have become faster and more accurate without much manual intervention, allowing staff to focus on more strategic activities. Therefore, today, every part of Credibly’s business, like sales, underwriting, servicing, etc., has started using AI tools to save time, cut costs, and reduce human errors.
Founded in 2010, Credibly has provided over $2.6 billion in loans to more than 50,000 small businesses over the years.
