We recently participated in the ELFA Innovation Roundtable, and it was inspiring to see how different companies are leveraging AI in equipment finance. From using chatGPT to streamline internal processes to AI-powered tools that predict renewals, the future is looking bright.
Here at northteq, we’re just as excited about the potential of AI, and we’re actively integrating it into our products to empower lenders and vendors.
AI-powered credit applications
Traditional application processes are often slow and error prone. Paper applications get stuck in inbox purgatory, waiting for manual entry. This not only delays funding but also creates frustration for everyone involved.
After hearing from multiple lenders and vendors the difficulties of dealing with traditional paper applications, we took this challenge head-on and built AI-powered application entry specifically for equipment finance lenders. Vendors and borrowers can simply snap a picture of a paper application (handwritten or typed), and our trained AI model automatically creates a new application record in aurora. This eliminates the lag of manual data entry, ensures immediate progress on the application, and keeps everyone informed with instant status updates.
*New* aurora Fraud360
Fraud is a growing concern in equipment finance. That’s why we built Fraud360, a powerful new integration within aurora that integrates with industry-leading technology providers to analyze applications from multiple angles.
- IP Verification: Where’s the application coming from?
- Phone Verification: Is it a prepaid burner phone?
- Email Verification: How long has this email been around?
- Identity Verification: Does the name match the company?
- Biometric Verification: Is the selfie a real person?
- Document Verification: Has anything been tampered with?
Partnering with the best in AI-powered fraud prevention
Aurora Fraud360 integrates a powerful suite of AI-powered tools to create a multi-layered defense against fraud. Here’s a closer look at our partners:
- Ekata – Provides validity checks, IP matching, and a fraud score to improve the accuracy of real-time identity verification – all powered by AI.
- Plaid – Enables behavioral biometrics and identity verification taken via selfie. Plaid’s AI verifies the applicant’s authenticity by comparing their selfie to their ID.
- Ocrolus – Leverages AI to detect fraudulent financial statements, protecting lenders from document fraud that’s invisible to the human eye.
AI’s potential to transform equipment finance seems to be growing every day and we’re actively exploring new ways we can use this technology. We believe AI can continue helping us streamline processes and enhance security measures, while ultimately creating a smoother, more efficient experience for everyone involved in the equipment finance process – lenders, vendors, and borrowers.
We’re not slowing down anytime soon! We’re always innovating, so stay tuned to see what the future holds.
