Nivo introduces Generative AI for asset finance funders

Nivo is inviting asset finance funders to an online demonstration of its new Artificial Intelligence (AI) solution which hopes to revolutionise the way asset finance funders process, underwrite, and complete deals.

The new Generative AI system does not impose a preferred proposal format or submission process on funders’ broker partners, most of whom will deal with many different funders operating in many different finance sectors.

During the webinar, on the 22nd February 2023, Damon Williams, Nivo’s sales director, will walk attendees through Nivo’s system which allows deals to be submitted in any format and instantly assessed for suitability.

Nivo’s platform allows brokers to submit deals in any format, whether this be email or via the lender’s portal, which is then added to funders’ Nivo and CRM system.

All deals are filtered and approved based on criteria set by the funder.

The broker is automatically informed within minutes, taking the deal straight off the market.

The system empowers underwriters to do more and provide them with tools that will automatically assign an overall score based on the funders criteria and completion of applications, making them aware of which deals to prioritise.

The platform will provide a list of required information based on the lending criteria – meaning underwriters can process higher volumes of submissions – whilst also generating a summary of the customer and highlighting any concerns of the application.

Funders can use Nivo to communicate with the broker and to chase and retrieve documents.

As information and documentation is updated, AI will extract key information from the documents, without the need for underwriters to sift through documentation manually.

Williams said: “This AI led system transforms the way funders receive, process and underwrite new business and it could be up and running and integrated with funders’ existing systems within just a few weeks.

“During this webinar we will show how AI can read proposals in any format and transfer the relevant information into a format which can then be assessed and scored according to the funder’s own criteria, all in a matter of seconds.

“This system will give a competitive edge, increase efficiency, and enable funders to grow their businesses without increasing their headcount.”