Rapid Finance has launched a new AI tool to improve loan application processing times
The new tool, called SPADE (Smart Processing and Data Extraction), is an AI-powered module within its Lynx automation platform, designed to reduce small business loan application processing times from 20 minutes to just 20 seconds, according to a June 17 Rapid Finance release. Through its use, financial institutions can reduce document processing time by more than 95%.
SPADE uses advanced machine learning to extract data from complex or handwritten PDF documents, enabling lenders to serve clients faster and more accurately while reducing overhead, according to the release. SPADE includes features such as automatic document classification and is fully integrated into Lynx, allowing real-time data ingestion, validation and review.
During internal testing, SPADE consistently matched or exceeded human-level accuracy, positioning financial institutions to scale operations efficiently without sacrificing precision or compliance, according to the release. Founded in 2005, Rapid Finance specializes in technology-driven finance solutions, including AI adoption.
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