WeMoney launches an AI tool that assesses loan files from open banking data
WeMoney launched WeMoney Connect, an AI tool for Australian banks, lenders and brokers that pulls an applicant's bank data through the Consumer Data Right and applies the lender's own credit policy to it, producing a decision-ready file in minutes. Industry bodies had told Australia's Treasury that loan verification is "not only slow and costly, but increasingly vulnerable to manipulation," and WeMoney says it built the tool at lenders' request.
NoteRouting credit-policy checks through an AI agent that works from verified bank data is where several lenders are now looking for speed, because that data is harder to alter than the paperwork a loan officer used to chase.
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