Onboarding technology is paired with back-end automation for advisers
Artificial intelligence is moving quickly from theory to practice in the lending sector, with two technology firms combining efforts to speed up mortgage processing in New Zealand and Australia.
Afterburner AI and LoanOptions.ai have entered a strategic alliance designed to cut down the administrative work faced by advisers and brokers by linking their respective platforms into a single digital workflow.
The arrangement connects LoanOptions.ai’s HAILO system, which collects and verifies client information in as little as five minutes, with Afterburner’s software that automates back-end tasks such as serviceability calculations, compliance checks and form generation. Together, the firms say the process that once required multiple steps and lengthy paperwork can now be handled in a streamlined sequence from application through to submission.
“Financial service professionals across Australasia face the same challenge: too much time lost to admin,” Afterburner co-founder Geoff Christopher said.
“By aligning with LoanOptions.ai, we’re now able to not only double-down on our mission, but expand our capabilities to deliver a seamless end-to-end digital lending experience, from application to submission, for advisers, brokers, and aggregators across New Zealand and Australia.”
LoanOptions.ai CEO Julian Fayad (pictured) said the tie-up was about removing inefficiencies.
“We saw an opportunity to connect our industry-leading application and onboarding technology with Afterburner’s powerful administrative automation tools. Our aim is to empower advisers with the tools they need to respond to clients faster, with greater accuracy, and in full compliance that is industry leading,” Fayad said.
Both firms said they will maintain their existing partnerships and intellectual property while offering the new joint solution to financial service providers.
