Specialist business lender Simply Asset Finance has rolled out a new virtual agent designed to boost user experience, streamline processes, and expedite lending decisions.

The AI-powered technology draws on data accumulated since the company's foundation to generate insights on a range of internal and external queries.

The virtual agent can receive and process credit applications from brokers, support customer communications, and surface information to improve internal knowledge-sharing across teams.

Simply is an SME lender founded by a team of industry specialists in 2017 in response to the need for innovation and disruption in the sector.

Following a successful FY24, the business recently achieved a major company milestone, surpassing £1.75 billion loan origination to date.

The company said that the new tool will play a key role in helping increase efficiency, accelerate collaboration, and "super-charge" product innovation and rollout.

The agent, called Kara, also uses machine learning to work with teams to adapt and improve the insight it provides.

The tool will span multiple departments, focusing on helping the business connect external data with internal knowledge.

Additionally, it will play a key role in monitoring and optimising customer interactions to better understand their needs and sentiment.

“From day one we have been laser focused on gathering and structuring data and knowledge to build market leading expertise in SME lending," said Ylva Oertengren, chief operating officer at Simply Asset Finance. "It is exciting to be in the position where we can use this advantage to deploy AI at scale across our operating model."

Oertengren continued: “Speed and efficiency are paramount to a fast scaling business like Simply, but so is excellence of experience and customer relationships. Kara embodies the expertise, creativity and collaboration that our teams represent. Working in tandem with our people, Kara will help shape and secure the future of our and our customers’ businesses.”

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