iBusiness Funding announced the launch of LenderAI Prodigy which introduces an innovative collection of AI chatbots inside their flagship end-to-end SBA software solution, LenderAI.
The first chatbot iBusiness Funding has implemented helps users navigate the SBA’s Standard Operating Procedures (SOP) quickly and accurately. A user can ask the chatbot any SBA-related question, and the bot will respond with the correct answer as per the SOP. It also cites the specific section it is referencing in the SOP for the user. Originally developed for and successfully utilized internally by iBusiness Funding, it is now available to all LenderAI clients within the new Prodigy feature.
This functionality showcases iBusiness Funding’s expertise with AI as well as their commitment to testing and refining technology internally before bringing it to the market, the firm said.
“The SOP chatbot was a game changer for our internal teams, enabling us to navigate the complexities of the SBA’s SOP with ease. Seeing its impact, we knew it was essential to adapt and offer this powerful tool to our clients,” said Justin Levy, CEO of iBusiness Funding. “You can ask the bot things like ‘How do I release collateral in loan servicing,’ ‘Please chart the maximum rates of SBA loans,’ or a myriad of other questions that commonly come up when processing SBA loans and get an accurate answer instantly.” With its ability to provide fast, reliable answers, this tool significantly reduces the time and effort it takes financial institutions to find information. It is also updated frequently to reflect any updates or changes to the SOP.
First in Market and Future Developments
As the first AI tool of its kind in the market, LenderAI Prodigy underscores iBusiness Funding’s role as an innovator in the financial technology and artificial intelligence spaces. The next chatbot to be released will provide lenders using LenderAI with a customized chatbot reflecting their own specific credit policies and guidelines that their staff can use internally. This will make it easier than ever for lenders to ensure their employees can quickly and easily understand their own guidelines and policies by relying on a single source of truth. Additional chatbots are in development, promising to further enhance LenderAI’s capabilities.
“Our goal with the first chatbot inside the Prodigy feature is to empower banks and credit unions with a tool that not only saves time but also ensures accuracy and compliance with the latest SOP updates. Our chatbot is future-proof and updated as changes are introduced to the SOP, ensuring our clients have peace of mind knowing that the answers they receive to their questions are always correct,” added Mr. Levy.
