Lendistry Implements AI Features Aimed at Redefining Responsible Risk Assessment Processes
LOS ANGELES, May 30, 2024 (Newswire.com) - Lendistry, a leader in software-as-a-service (SaaS) financial services for business lending, announces the integration of advanced generative artificial intelligence (AI) features into its platform. In addition to increased efficiency, Lendistry says, the platform’s new AI-driven algorithms ensure fairer and more informed lending decisions.
While many fintechs employ artificial intelligence to populate information into their systems, decreasing borrower input time, Lendistry’s new capabilities include, within minutes, gathering complex information and making determinations based on data available on the Internet, rating risk and making predictions based on industry history, extracting and summarizing data points, and connecting similarities to other businesses and applications.
“Our commitment is to provide cutting-edge technology that minimizes biases and benefits our clients while adhering to the highest standards of safety and responsibility,” says Karthik Ramaswamy, Chief Technology Officer at Lendistry.
“When humans determine risk, it becomes subjective,” says Everett K. Sands, CEO of Lendistry. “Communities that are perceived as high-risk are often declined for financing, even though the numbers show they are more likely to repay than the national application decline rate would suggest. What we’ve done is created a platform that can quickly give us a comprehensive assessment of borrower risk so undercapitalized communities can access capital, grow their businesses and create wealth.”
Instead of replacing human roles with AI, Lendistry has used technology to optimize their time, allowing them to focus on higher-value tasks and strategic initiatives, and make them more available to borrowers who, due to a historic lack of access to financing and financial education, need personal assistance to complete the application successfully.
About Lendistry
B.S.D. Capital, Inc. dba Lendistry (lendistry.com) is a minority-led fintech that provides innovative lending products and access to grant programs for small businesses nationwide. Headquartered in a Los Angeles Opportunity Zone, Lendistry uses technology and community partnerships to overcome systemic gaps that inhibit access to capital, and to empower its customers with responsible financing options. Based on its reputation for deploying funds efficiently and equitably, Lendistry’s leadership is often called upon to share its expertise with both government and private organizations. Lendistry has both Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certifications and is a member of the Federal Home Loan Bank of San Francisco. Lendistry SBLC, LLC is an SBA Preferred Lender and the nation’s only African American-led SBA designated Small Business Lending Company. In collaboration with The Center by Lendistry, a nonprofit business education organization, Lendistry dedicates itself to providing economic opportunities and progressive growth for underserved urban and rural small business borrowers and their communities.
Source: Lendistry
