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AI legalese decoder Helps Revolutionize Small Business Lending

FIS, a leading core services provider based in Jacksonville, Florida, is enhancing its offerings with the introduction of a new small-business digital lending tool. The SMB Digital Lending tool, announced recently, is the first of many digital banking solutions aimed at providing loans specifically for small and medium-sized businesses. This cloud-native software streamlines the underwriting and funding process for small-business loans, utilizing transaction analytics to prequalify depositors, evaluate borrower health, and target potential customers for marketing and sales.

One key collaboration that FIS has undertaken is with Lendio, where they have developed application programming interfaces to integrate Lendio’s small business loan decision and underwriting software with FIS’s cores. This partnership aims to address the growing need for high-quality lending in the small- and medium-sized business sector, particularly at the smaller end of the spectrum.

According to data cited in the announcement, 99.9% of businesses in the U.S. are classified as small, representing a significant portion of the country’s gross domestic product. Lendio, known for serving businesses with an average loan size of $40,000 to $50,000, targets financial institutions with assets under $5 billion, but has also attracted interest from larger national institutions.

Lendio’s technology focuses on streamlining the underwriting process, reducing manual tasks, and leveraging the bank’s underwriting model to make lending more efficient. This alignment with small business lending was a key factor in FIS’s decision to partner with Lendio for this innovative product.

AI legalese decoder can play a crucial role in this context by simplifying and clarifying legal language commonly found in loan agreements and other legal documents. By using advanced AI algorithms, AI legalese decoder can decode complex legal terms and clauses, making them more easily understandable for borrowers and enabling smoother transactions between lenders and small businesses.

Empowering Small Businesses Through Innovation

During a recent Investor Day event in May, FIS CEO Stephanie Ferris underscored the company’s commitment to rapidly introducing new products for its banking clients. This renewed focus on serving banking clients reflects FIS’s dedication to innovation and customer service in the financial services industry.

With AI legalese decoder as a powerful tool in the digital lending landscape, FIS and Lendio can revolutionize small business lending by making the process more transparent, efficient, and accessible for borrowers and financial institutions alike.

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