Aggregator Finsure Group has launched new game-changing technology for its broker network, aimed at ensuring loan applications progress to approval as often as possible and speed up lender turnaround times.
SureScore will be added to Finsure’s CRM platform Infynity and the AI is designed to significantly improve the quality of loan applications.
Finsure CEO Simon Bednar (pictured above) said SureScore had the potential to be an industry trailblazer in client servicing by helping brokers to have their loans approved more efficiently through a more streamlined submission process.
“This ground-breaking technology to assist brokers with loan applications will enable our broker network to find more business and also help them to convert more business,” Bednar said.
“Using AI, SureScore presents corrective recommendations prior to submission so the broker can review, add the missing data and increase the likelihood of lender approval. This means the broker can ensure they have the highest chance of their application being approved, enhancing the customer outcome.”
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Bednar said the SureScore model was successfully trialled last year using a 90-day period of Finsure lodgement data, and it predicted each conditional approval with almost 90% accuracy.
“SureScore analysed the 90-day period of around $20bn worth of mortgage submissions across every Finsure broker and through analysing each lenders back-channel message across every submission,” he said.
“SureScore links the findings to 80 data points for that related application and then provides a numerical rating on how likely that application is to be approved – prior to the broker submitting it.”
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Bednar said Finsure identified a need in the industry to educate and improve the quality of broker loan application submissions.
“Aggregators are held accountable for their network’s efficiency and quality by the banks and funders and so the idea was born to use AI and data to help brokers understand the likelihood of an application being approved before it is submitted,” he said.
“SureScore also provides recommendations to the broker on w. they can increase the likelihood of approval. It doesn’t rely on lender credit engines or integration and is built using data insights.”
Bednar said Finsure believed this was a much more powerful approach as it provided the broker with insights on how their data and how their application could be improved rather than a binary credit decision from a lender.
“Ideally through brokers submitting more efficient and accurate applications, lenders can provide quicker turnaround times and reduce their cost of acquisition, which will have a positive knock-on effect back to the broker network and ecosystem,” he said.