Western Circle, the fintech firm that develops highly advanced AI-enabled tech for the UK financial market, underpinning its brands like Cashfloat, has explained how its leading-edge AI has revolutionised the application and assessment process for direct loans.
Founded in 2014, Western Circle set out to create a new approach to short-term borrowing by investing in innovation, introducing full transparency at every step, and developing lending products that offer accessible, people-first features.
The Technological Advancements Introduced By Western Circle
Backed by a commitment to democratising access to financial resources, the company has, over the last decade, developed varied technologies, platforms and tools that overcome longstanding barriers to affordable lending, barriers that have, in the past, led to more and more unregulated and unscrupulous lenders taking advantage.
Its agile AI-enabled engine means borrowers receive a decision in an average of just 2.49 minutes after submitting a loan application, removing delays and unnecessary stress for those already coping with financial emergencies. Alongside other products, including an E-Loan Management System for lenders, the Western Circle decision engine expedites approvals and significantly boosts efficiency. It works by:
- Rapidly organising and categorising any volume of loan applications.
- Filtering applications that have to be automatically declined due to key risks or issues that make the loan unaffordable or irresponsible.
- Generating decisions based on clearly defined parameters or redirecting applications that require more information or analyses to brokers or underwriting teams.
The nature of AI means that the engine can incorporate a huge number of data points and criteria, turn around decisions in a fraction of the time it would otherwise take, and protect against loan approvals that aren’t compliant with regulations, policies, or eligibility factors.
How Fintech Is Augmenting the Safety and Speed of Lending Decisions
WCL Success Mastermind & Mentor, Ofer Valencio Akerman from Western Circle says,
“Tech is a hugely powerful resource across the financial sector, and we use our passion for innovation and advanced data analytics to offer improvements in safety and speed for both lenders and borrowers, while also ensuring robust regulatory compliance. Real-time data analyses ensure decisions are both fast and accurate, with transparent processes that prevent applications from being approved that shouldn’t be or from being rejected when an underwriting team may have been satisfied to go ahead.”
“Efficiency is essential, enabling professionals to dedicate more time to speaking directly with clients and applicants, sharing advice and information, and helping those in financial difficulty make informed decisions, while also signposting to debt management or financial crisis charities and organisations where this may be beneficial. We know that poor lending decisions carry unacceptable risk for all parties, leaving applicants who need authentic support in a spiral of debt, and lenders offering loans that will never be repaid.”
“This is why accurate, reliable AI-supported lending decisions, reinforced by real people when an application needs a closer look, are the best way to enhance safety across the board.”
Exploring Other Innovations and Developments From Western Circle
The company, which has several brands, including Cashfloat, the leading short-term and payday direct loans lender, builds advanced solutions to address a wide array of challenges, focusing on simplicity and ease of use for end users. Its’ Progressive Loan Management System is one example, utilising Eloan tech to create comprehensive dashboards for online lenders to combine all of the information, reporting and prompts they need to deliver a high-quality service and remain compliant and effective.
Dashboards bring together tracking software that monitors collections, funding and applications, collates communications and messaging and flags complaints or problems to ensure these are dealt with promptly and fully.
Ofer adds that,
“The digital world has evolved fast, and we know that lenders who move as quickly are in the best position to provide the support and accessibility that borrowers, both individuals and commercial entities, rely on to manage budgets and deal with unexpected financial pressures.Lending is often over-complicated, and by providing access to verified data, real-time market information and company-specific performance metrics, we’ve been able to deliver on greater transparency and ease at every turn.”
More information about Western Circle’s brands and proprietary technology is available via the company’s website and its Our Technology pages.
About Western Circle
Western Circle Ltd is a UK-based, FCA-authorised consumer credit provider specialising in fast, responsible, online lending.
Western Circle is fully authorised and regulated by The Financial Conduct Authority FCA full permission license: 714479.
