AI-powered lending agent Kara slashes loan approvals to minutes for SMEs
Simply Asset Finance has launched a fully automated lending service to speed up loan approvals. The system uses an AI-powered digital agent called Kara to process applications in minutes. Company leaders say the move will improve efficiency and strengthen ties with small and medium-sized businesses (SMEs).
The new technology will first be available to a small group of vendor partners with pre-approved credit lines. Kara, the AI agent, collects and checks data from sales, underwriting, and payout stages, completing all compliance reviews within minutes. Early results indicate the system could cut payout times by up to 85%.
Customers and partners using the service can now finish a full lending application in under eight minutes. John Wiles, Managing Director of Simply Asset Finance, described the technology as working on a 'handshake principle.' He explained that it blends digital tools with the company's personal approach to business.
Ylva Oertengren, the firm's COO, added that the launch reflects a commitment to better customer experiences. She also suggested it could change what businesses expect from lenders in the future. The next stage will expand the service to more partners and customers, aiming to streamline all of Simply's lending products.
The automated system is designed to help Simply Asset Finance grow alongside its customers. By reducing processing times and maintaining strong relationships, the company expects to improve both efficiency and client satisfaction. The rollout will continue in phases, with wider access planned for partners and customers soon.
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