Simply Asset Finance launches fully automated lending journey
New AI-powered system enables SMEs and vendor partners to complete applications and receive funds in under eight minutes.
Simply Asset Finance has launched a fully automated lending experience, allowing customers and partners to complete a lending journey from application through to payout in under eight minutes.
The new functionality is powered by the lender’s digital AI agent, Kara, and is described as a first-of-its-kind end-to-end automated lending solution for the UK asset finance market.
Built on an API-first framework, Kara sources and analyses data across sales, underwriting and payout touchpoints, enabling decisions and compliance checks to be verified within minutes.
The rollout will initially be limited to a select group of vendor partners with an approved line of credit.
These partners will be able to draw down against an agreed facility and purchase assets, while retaining access to on-demand support from Simply’s lending specialists.
Early testing indicates the platform could reduce payout times by up to 85%, helping businesses avoid the disruption often associated with waiting for funds.
A second phase of the rollout will extend the functionality to Simply’s wider partner and customer base, with the lender aiming to reduce administration and accelerate delivery of funds across its product range.
Ylva Oertengren, chief operating officer at Simply Asset Finance, said: “From the start, Simply was founded to challenge the sector and focus on customer growth, not just balance sheets.
“For too long SMEs have had to make do with long, complicated application processes, taking them away from focussing on growing their businesses.
“This launch takes our commitment to a new level. By supplementing our digital capabilities with the AI embodied in Kara, we are breaking new ground to deliver a massive step up in customer experience.
“This has the potential to fundamentally reshape expectations and set an essential new standard for speed and efficiency across the entire industry.”
John Wiles, managing director at Simply Asset Finance, added: “This initial deployment with our vendor partners has been critical, proving how this fully automated journey enables our strategy to scale funding distribution efficiently through our partners.
“This technology operates on our ‘handshake principle,’ seamlessly integrating our digital capabilities to enhance our personal approach.
“Our aim is to support our people and strengthen the relationships that are crucial in SME lending, driving efficiency across the industry and ensuring Simply grows as our customers succeed.”
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