US-based AI-powered loan origination platform provider Algebrik AI has teamed up with financial services company Plaid, to simplify loan approval process.
Under the collaboration, Plaid will integrate its consumer-permissioned data with Algebrik AI’s platform to enhance the capabilities of credit unions and financial institutions.
The integrated solution would simplify identity verification, improve financial data access, and enhance decision-making for both lenders and borrowers.
Algebrik AI will leverage Plaid’s financial data technology to simplify the borrower experience while ensuring compliance and data security.
With consumer-permissioned access to real-time financial data, credit unions and other lenders can make faster and more accurate lending decisions.
Also, borrowers will benefit from a simplified application process and enhanced access to credit by incorporating cash flow data.
Algebrik AI founder and CEO Pankaj Jain said: “Credit unions are the lifeblood of financial inclusion, and we’re excited to bring them cutting-edge technology that enhances their ability to serve their members by incorporating cash flow data into credit decisions.
“Partnering with Plaid allows us to reimagine the loan origination process, faster, more secure, and deeply personalised for every borrower.”
Credit unions, a primary focus of the partnership, will get significant operational advantages.
With Plaid’s integration, credit unions can access borrowers’ financial data with explicit consent, improving underwriting accuracy and reducing time-to-decision.
Also, borrowers will experience a guided, easy navigation from application to loan disbursement, through Algebrik AI’s platform.
Plaid’s integration also addresses challenges like income verification and financial wellness assessment, ensuring lenders have a complete view of applicants’ financial profiles.
Algebrik AI founder and CEO Pankaj Jain said: “This alliance underscores Algebrik’s commitment to leveraging advanced technology to simplify and humanise the lending process.
“Together with Plaid, we’re enabling credit unions to unlock greater value for their members while setting a new standard for lending efficiency and borrower satisfaction.”
