BILL Slashes Underwriting Times From 3 Hours to 12 Minutes With AI

Financial automation platform BILL has successfully integrated over 100 AI agents to transform their underwriting process. For retailers and service providers, this means the wait time for credit decisions has dropped from three hours to just 12 minutes. The company is using this technology to automate the heavy lifting of risk assessment and document verification, which previously required significant manual labor. This shift is a major signal for the consumer financing industry. As lenders adopt these AI tools, the 'speed to lead' becomes much faster. You can expect your customers to receive approvals in near real-time, reducing the likelihood of abandoned carts or lost sales due to long waiting periods. Beyond speed, the use of AI allows lenders to scale their operations without necessarily increasing costs, which could lead to more competitive financing rates or broader approval criteria for your customers in the long run. The move saves their team roughly 1,400 hours of manual work every month, allowing them to focus on complex cases while the AI handles standard approvals. If you offer financing at the point of sale, this trend ensures that the technology behind your 'Apply Now' button is becoming significantly more efficient.

Source: PYMNTS

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