Mi Bank in Bloomfield Hills has partnered with Southfield-based Altimetrik to develop a new digital lending platform to review and approve small business loan requests in an efficient and expedited manner. The platform is currently being tested and will be introduced in January 2022 as part of a small business lending initiative.
Altimetrik, a digital consulting firm, developed the new lending platform with input and guidance from Mi Bank. The financial institution helped Altimetrik map out the loan request and approval process, and from there a scoring model was developed to expedite the approval process.
“The loan approval process currently utilized by most banks, both large and small, is antiquated,” says Rob Farr, chairman and CEO of Mi Bank. “By utilizing an automated process, the borrower can easily upload the required financial information, and a loan decision can be determined in a matter of minutes. This allows a business owner to make important decisions regarding his or her business more quickly while spending less time providing information to the bank.”
The platform uses artificial intelligence to gather the appropriate information and review and approve business loan requests from prospective borrowers. The current process requires a great deal of manual input and analysis, and often takes weeks for the bank to provide its approval.
“The Digital Lending Platform addresses the shortcomings in current mobile and online experiences for commercial lending,” says Raj Sundaresan, CEO at Altimetrik. “Working with Mi Bank we were able to create an end-to-end digital lending experience that improves the application and approval process for banks and their customers.”
“Competition from fintech companies for personal and business loans is here. Those banks that do no embrace and incorporate advances in technology will not be able to survive in the not-too-distant future,” concluded Farr.
Mi Bank offers a full range of products and services tailored to business owners. For more information, visit mi.bank.
Altimetrik has 3,000 employees around the world, and partners with clients ranging from startups to Fortune 100 companies to enhance their agility, empowerment, and success. For more information, visit altimetrik.com.