Rapid Finance Unveils Innovative AI Tool to Accelerate Loan Application Processing

Rapid Finance has launched SPADE (Smart Processing and Data Extraction), an AI-driven module within its data automation platform, Lynx, designed to revolutionize loan processing for small businesses. SPADE reduces document processing time by over 95%, transforming an often labor-intensive task that took around 20 minutes into a swift 20-second operation. Utilizing advanced machine learning, SPADE efficiently extracts data from complex and inconsistent loan applications submitted in PDF format. CEO Will Tumulty emphasized the need for a faster lending process to support small business growth. Beyond quick data extraction, SPADE includes features for automatic document classification and future functionalities like social media sentiment analysis. The module achieves high accuracy comparable to human processing, thus allowing lenders to scale operations efficiently while maintaining compliance. Fully integrated into Lynx, SPADE enhances the platform’s ability to process applicant data in real time, leading to smarter, quicker decision-making for financial institutions serving business clients.

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