Frisco, TX, October 06, 2017 –(PR.com)– FinKube, a new company that provides AI-powered Platform-as-a-Service solutions for consumer lending, announced today that the startup firm has raised over $500,000 with the goal of disrupting and reimagining the consumer lending industry. The firm’s first offering, a new Digital Lending Platform with AI-powered Intelligent Augmentation, is already complete and in beta testing.
FinKube was founded by Jorge Sauri, an industry veteran with nearly 20 years of experience developing IT solutions and technology platforms for banks, lenders and real estate companies. He developed the mortgage industry’s first cloud-based software for underwriting subprime mortgages at Arc Systems and then developed a completely cloud-based LOS called MortgageDashboard. This time, Sauri says he wants to change the way the industry thinks about loan origination software.
“The old paradigm where lenders invested heavily in a loan origination system (LOS) and then invested again to get all of the additional tools they need to run their businesses has given way to a new API-based digital ecosystem,” Sauri said. “Lenders need flexible, intelligent software that makes them better at what they do while it improves the borrower’s experience. And they need it provided in a much more affordable manner than yesterday’s technology.”
Sauri went on to say that the traditional method of employing Artificial Intelligence to create robot mortgages was misguided. Technology, according to FinKube, should be used to extend and augment the human resources working in a company. In this case, that means loan officers. FinKube’s answer to that problem is ELSA.
ELSA stands for Electronic Loan Services Assistant, the brain behind FinKube’s Digital Lending Platform. She is the industry’s first intelligent assistant and uses AI and machine learning to enhance the origination process from origination to close. Her AI is powerful enough to gather borrower information, render decisions, automate time-consuming tasks and help lenders produce fully compliant mortgage loans in as few as 20 days, though she is well versed in any form of consumer lending.
“Lenders are spending $7,000 over 50 days to generate 400 pages of paper documentation to originate a compliant mortgage loan,” Sauri said. “It takes 25 humans to do this work because the technology they’re using isn’t doing the job. Our new Digital Lending Platform will empower lenders to do this work cheaper, faster, with little if any paper and with fewer people dedicated to the process, freeing them up to pursue more business.”
About FinKube
FinKube is the first lending technology developer to incorporate Artificial Intelligence at the core to provide Intelligence Augmentation (IA) to human loan officers and deliver its platform under a cloud-based, Platform-as-a-Service model. ELSA, the Electronic Lending Services Assistant, is Artificial Intelligence specifically developed for compliant consumer lending and is the brains behind a platform that can help lenders originate any type of consumer loan product. ELSA learns and adjusts to any origination model, chats with consumers to gather information and provide services, and provides lenders with the industry’s most flexible solution to meet their own lending needs. For more information, visit the company’s website at http://www.finkube.com.
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