#None #SBA Lending #Parlay Finance #First Internet Bank

Parlay Finance and First Internet Bank Revolutionize SBA Lending

In a significant move to modernize and enhance the Small Business Administration (SBA) lending process, Parlay Finance has partnered with First Internet Bank to deploy its AI-native Loan Intelligence System (LIS). This strategic alliance is set to transform the way the bank manages its SBA lending operations by leveraging artificial intelligence and automation.

The Need for Innovation in SBA Lending

With the growing demand for SBA loans, lenders are facing immense pressure to process applications more efficiently without compromising the quality of service. Traditional manual processes can hinder efficiency and lead to delays that impact borrowers. The implementation of Parlay's LIS allows First Internet Bank to eliminate tedious manual tasks and deliver faster, more informed lending decisions.

Enhancing Efficiency with AI Technology

Through the integration of Parlay's technology, First Internet Bank anticipates a remarkable boost in operational efficiency—potentially up to a 50% increase across the lending process. This is accomplished by transforming how applications are managed and processed. The LIS employs intelligent automation to streamline the intake process, enabling borrowers to receive real-time updates about their application status and business health almost immediately after submission.

The LIS is designed not only to enhance the speed of processing but also to improve the accuracy of information collected. It intelligently validates data from multiple sources such as credit bureaus and financial documents, thereby facilitating a robust analysis that supports faster decision-making. This capability helps First Internet Bank maintain a rigorous underwriting process while managing a higher volume of applications with the same staff.

Immediate Benefits from the Partnership

Nicole Lorch, President and Chief Operating Officer of First Internet Bank, expressed enthusiasm over the partnership, noting that the collaboration with Parlay Finance has allowed the bank to reclaim valuable hours that were previously lost to manual tasks. "Our team can now concentrate on delivering exceptional service to our customers rather than getting bogged down with data entry."

This sentiment is echoed by Craig Fortner, Senior Vice President and Chief Information Officer at First Internet Bank, who highlighted how the LIS seamlessly fits into their existing technology stack and instantly enhances both data quality and workflow efficiency. This integration exemplifies the innovative approaches First Internet Bank is employing to better serve clients and empower their team.

The Future of Small Business Lending

By harnessing the power of technology, First Internet Bank is redefining the landscape of SBA lending. Parlay's system is not just about efficiency; it builds institutional lending intelligence by capturing and analyzing decision-making patterns. This means that, as the bank processes more loans, its capabilities and expertise grow cumulatively, giving it a substantial competitive edge.

Alex McLeod, Founder and CEO of Parlay Finance, commented on the long-term implications of this partnership, stating,

"By taking this step, First Internet Bank not only strengthens its relationship with small business owners but also establishes a template for how AI can enhance relationship banking on a larger scale."

This partnership illustrates a significant advancement in the banking sector, demonstrating how AI can be leveraged to meet the unique demands of small businesses seeking loans. With this innovative approach, First Internet Bank and Parlay Finance are not just improving processes; they are also enhancing the overall borrower experience, setting a new standard in the industry.

For further information about Parlay Finance and their Loan Intelligence System, visit parlay.finance. To learn more about First Internet Bank and its offerings, go to firstib.com.