Company Name:
FinDoc Sdn Bhd (1419479-W)
Sector
Digital Finance
Tech Enabler
Artificial Intelligence (AI) and/or Big Data Analytics (BDA)
Support Sustainability or ESG
Yes
Overview:
FinDoctor.my, an award-winning online loan eligibility screening platform, successfully implemented its AI-driven financial services for a young couple purchasing their first home. The objective was to streamline the loan application process, provide personalized financial advice, and secure the best possible mortgage terms, ensuring a smooth, informed, and cost-effective home-buying experience.
Pain Points:
First-time homebuyers often face overwhelming challenges, including:
1. Navigating a complex loan application process
2. Understanding their creditworthiness
3. Securing the most favorable interest rates.
These challenges are significant as they can lead to costly mistakes, financial strain, and missed opportunities, particularly in the real estate market, where small differences in interest rates can translate into significant savings or costs over time.
Solution/Services:
AI-powered platform that simplifies and enhances the loan application process
Key Features and Functionalities
• AI-Enhanced ID Verification: Ensures secure and accurate identity validation.
• Loan Eligibility Screening: Analyzes financial profiles to determine loan eligibility across 20 major banks.
• Personalized Credit Advice: Offers tailored recommendations to improve credit health and financial positioning.
• Direct Bank Applications: Facilitates seamless submission of loan applications to the selected banks.
Implementation:
The solution was integrated into the couple's home-buying process with minimal disruption. The platform used AI and big data analytics to analyze their financial data, providing instant loan eligibility results. Customization included personalizing credit advice based on their unique financial situation. The technology stack utilized includes AI algorithms, secure cloud-based data processing, and automated ID verification systems.
Benefit:
The couple secured a mortgage with an interest rate 0.5% per year lower than initially expected, saving hundreds of thousands of ringgit over the 35-year loan tenure. The streamlined process also reduced the time spent on loan applications by 50%, and the personalized advice improved their credit score, opening doors to better financial opportunities in the future.