Latest news with #loanprocessing
Entrepreneur
04-07-2025
- Business
- Entrepreneur
BUSINESSNEXT Unveils GenAI and Agentic AI Solutions to Transform Lending for Banks and NBFCs
The virtual assistants can evaluate loan eligibility, perform fraud checks, automate document verification, and offer personalised financial advice, thereby significantly reducing delays and errors in the loan lifecycle. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. BUSINESSNEXT, a leading digital transformation platform, has launched advanced GenAI and Agentic AI assistants tailored for the lending sector. Aimed at revolutionising loan processing for banks and Non-Banking Financial Companies (NBFCs), the new solutions promise to accelerate approvals, enhance risk management, and improve borrower experience. With financial institutions facing increasing volumes of loan applications and tightening compliance norms, the AI-powered assistants are designed to support key departments—including sales, operations, credit, and customer service—by automating repetitive tasks and delivering real-time insights. The virtual assistants can evaluate loan eligibility, perform fraud checks, automate document verification, and offer personalised financial advice, thereby significantly reducing delays and errors in the loan lifecycle. For instance, the Virtual Customer Agent guides borrowers through applications by analysing financial data, while the KYC/KYB Agent speeds up onboarding by instantly verifying customer and business credentials. "Loan processing can be time-consuming and complex, but AI-driven assistants help streamline these tasks," said Rahul Sheth, Vice President, Sales and Marketing at BUSINESSNEXT. "By automating application handling, risk assessment, and compliance checks, banks and NBFCs can process loans faster, reduce costs, and offer a better experience to customers." Further strengthening risk management, the Banking Fraud Detection/Prevention Agent proactively identifies anomalies to prevent fraudulent activities, while the Balance Sheet Analyser helps credit teams instantly assess financial health, improving the accuracy of lending decisions. The global digital lending market is forecasted to reach USD 20.5 billion by 2030, growing at a CAGR of 14.6%, highlighting the demand for scalable and intelligent lending solutions. BUSINESSNEXT's solutions stand out due to their deep BFSI-specific training, dynamic architecture, and empathy-trained response capabilities. They can cut operational costs by up to 80% and seamlessly integrate into existing lending workflows. "By integrating GenAI and Agentic AI into lending ecosystems, banks and NBFCs can reduce loan processing time, enhance credit evaluation accuracy, and improve borrower experiences, making lending more efficient, secure, and customer-centric," Sheth added. With this innovation, BUSINESSNEXT aims to redefine digital lending, helping financial institutions remain competitive in a fast-evolving landscape.
Forbes
27-06-2025
- Business
- Forbes
How Credit Unions Can Cut Loan Processing Times
Ashish Garg is CEO of Eltropy, an AI-driven digital conversations platform improving the operations of community banks and credit unions. Picture this scenario playing out across the country: A credit union in the Midwest approves 12 auto loans in a day while its competitor across town, similar in size and member base, approves only three. The difference isn't staff size or member demand; it's how they handle the paperwork. The first credit union texts members for documents and gets responses within hours. Their loan officers use connected systems that eliminate redundant data entry. Meanwhile, their competitor still relies on phone tag, emails that have been ignored for days and information that must be manually copied between systems. This isn't a hypothetical comparison. It reflects what's happening right now, creating a widening gap between credit unions that have updated their loan processing and those completely stuck in outdated workflows. The community financial institutions (CFIs) that have been the most successful have found that better technology doesn't diminish their personal approach; it actually gives staff more time to focus on relationships that matter. The Urgency For Change The lending environment becomes more demanding with each passing year. The National Credit Union Association (NCUA) reports that delinquency rates have risen dramatically since early 2023 and reached 98 basis points by late 2024. Meanwhile, credit unions and community banks are facing growing competition from fintech lenders that provide instant loan decisions. This increased competition has compelled traditional financial institutions to rethink the way they lend. What Success Looks Like In Practice Among the credit unions we work with, APL Federal Credit Union provides an example of these results in practice. They achieved faster document collection and reduced loan application phone calls by 60% after adopting text-based loan processing. Their experience during their first year led to their largest loan growth since their inception, not because they became more like a fintech, but because they removed those friction points that were holding back their human experts. This isn't an outlier. We've seen that credit unions implementing modern loan processing technology consistently achieve a 50% to 90% reduction in processing time while improving both accuracy and compliance standards. How You Can Make It Happen The most effective lending modernization methods concentrate on three areas. Start by analyzing your current communication patterns. If you're still depending on phone calls and emails for document requests, you're missing opportunities. According to our data, text messages get a higher read rate than emails. Begin by identifying your most time-sensitive communication needs—typically document collection and status updates—and implement text messaging for these interactions first. Train your staff to use conversational, friendly language in texts that maintains your institution's personal touch while getting faster responses. Audit how many times your staff re-enters the same member information across different platforms. Every time data moves from one system to another manually, you're creating delays and potential errors. Look for loan origination systems that integrate directly with your communication tools, allowing loan officers to text members directly from loan files. When evaluating solutions, prioritize platforms that can send documents, receive submissions and update records within a single interface. Don't try to automate everything at once. Begin with basic automated reminders for document submission deadlines and application status updates. You can use auto-text reminders to notify members at key points in the loan process: when documents are due, when applications move to underwriting or when additional information is needed. These simple automations can handle routine member questions, freeing your staff for complex lending decisions. Once comfortable with basic automation, gradually add more sophisticated workflows like automatic document validation and conditional approval pathways. The key is maintaining control over the member experience while reducing manual tasks that don't require human judgment. Preserving The Human Connection Credit unions and community banks face a legitimate concern about technology replacing personal interactions, but I believe this concern is overstated. The CFIs that get the best results through technology use it to improve, not replace, their human connections. What I've observed working with dozens of CFIs is that automation actually creates more opportunities for meaningful member interactions. When your staff isn't spending time chasing down missing documents or manually updating application statuses, they can focus on the conversations that matter, understanding a member's financial goals, explaining loan options or helping someone navigate a complex situation. The key is being intentional about where humans add the most value. Use technology to handle the routine tasks that frustrate both staff and members, but keep humans involved in the decisions that require judgment, empathy and local market knowledge. When a member calls with concerns about their application, they should reach a real person who understands their situation. When unusual circumstances arise, experienced loan officers should make the calls. Here are some quick tips for each role: Loan officers should practice switching between systems and prepare conversational text templates. Executives need to communicate the "why" behind changes and set realistic timelines. And IT teams should prioritize solutions with robust APIs that integrate easily with core systems. Common Pitfalls To Avoid In my work, I've seen the same avoidable mistakes: Don't customize tools before mapping your current processes. You'll recreate inefficiencies in new software. Train frontline staff at least a month before launch, focusing on how technology makes their work easier. Start with digitally engaged members first, rather than rolling out to everyone at once. The Road Ahead Many CFI leaders have come to realize that their road to success is more about strengthening their unique features instead of imitating fintech models. Credit unions and community banks that are making headway are carefully choosing tools that magnify their existing strengths. When a loan officer with deep knowledge of the local market can suddenly handle applications four times faster, that creates a genuine advantage that purely digital lenders struggle to match. In a world where financial products increasingly look alike, that human element might be the most important differentiator of all. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
Associated Press
29-05-2025
- Business
- Associated Press
Friday Harbor unveils AI-powered condition engine to deliver faster, cleaner, audit-ready mortgage files
- New functionality generates plain-language, color-coded conditions with full audit trail, enabling originators to resolve issues in real time and cut days off the loan process - SEATTLE, Wash., May 29, 2025 (SEND2PRESS NEWSWIRE) — Friday Harbor, an AI-powered platform that helps loan officers assemble complete and compliant loan files in real time, today announced the launch of a retooled condition engine that automatically generates actionable underwriting conditions based on borrower source documents and loan guidelines. Unlike traditional 'stare and compare' tools that flag generic issues, Friday Harbor's condition engine reads the full context of the loan file—including borrower documents, AUS findings and lender overlays—and outputs conditions that are immediately usable by loan officers, processors and borrowers. Each condition is written in plain English, color-coded by urgency and supported by documentation that gives underwriters a ready-made audit trail. 'In most mortgage workflows today, identifying conditions is a game of hot potato between departments. Friday Harbor solves that by delivering conditions in real time that are actionable at the beginning of the borrower journey, not just in the underwriting queue,' said Theo Ellis, co-founder and CEO of Friday Harbor. 'We're empowering originators to spot and solve issues earlier, which leads to cleaner files, faster closings and dramatically lower costs to originate.' The new engine doesn't just catch obvious clerical gaps. It's also trained to spot nuanced issues such as: For each flagged issue, Friday Harbor provides a proposed resolution path and direct links to applicable guidelines. For junior loan officers, the engine pairs with the platform's AI-powered Scenario Desk to explain next steps or script borrower communications. For underwriters, it offers full traceability, with source documents and reasoning behind every condition. Friday Harbor's AI underwriter is already used by some of the nation's most forward-thinking lenders, including Partners Bank, NewFed Mortgage, Developer's Mortgage Company and Paramount Residential Mortgage Group. The company is backed by the AI2 Incubator, a technical incubator born from the Allen Institute for AI in Seattle, and was recently funded by leading Silicon Valley venture firms including Abstract Ventures, Mischief and Wischoff Ventures. To learn more about how Friday Harbor is helping level the playing field for the more than 4,500 mortgage lenders competing with the tech arms of Rocket and UWM, visit About Friday Harbor: Friday Harbor is an AI-powered platform that helps loan officers assemble complete and compliant loan files in real time. The company combines deep fintech expertise with cutting-edge artificial intelligence to remove complexity, slash origination costs and deliver a better borrower experience. For more information, visit Tags: #mortgagetech #AI #fintech NEWS SOURCE: Friday Harbor ### MEDIA ONLY CONTACT: (not for publication online or in print) Leslie W. Colley Depth for Friday Harbor [email protected] (678) 622-6229 ### Keywords: Mortgage, Friday Harbor, AI-powered condition engine, fintech for finance, AI underwriter, compliant loan files in real time, SEATTLE, Wash. This press release was issued on behalf of the news source (Friday Harbor) who is solely responsibile for its accuracy, by Send2Press® Newswire. Information is believed accurate but not guaranteed. Story ID: S2P126577 APNF0325A To view the original version, visit: © 2025 Send2Press® Newswire, a press release distribution service, Calif., USA. RIGHTS GRANTED FOR REPRODUCTION IN WHOLE OR IN PART BY ANY LEGITIMATE MEDIA OUTLET - SUCH AS NEWSPAPER, BROADCAST OR TRADE PERIODICAL. MAY NOT BE USED ON ANY NON-MEDIA WEBSITE PROMOTING PR OR MARKETING SERVICES OR CONTENT DEVELOPMENT. Disclaimer: This press release content was not created by nor issued by the Associated Press (AP). Content below is unrelated to this news story.
