Rapid Finance Launches AI Module SPADE to Cut Loan Application Processing Time by 95%
Rapid Finance Launches Revolutionary AI Tool to Expedite Loan Application Processing BETHESDA, Md. – Rapid Finance, a prominent provider of small business financing and enterprise lending solutions, has introduced SPADE (Smart Processing and Data Extraction), an advanced AI module that integrates with its flagship data automation platform, Lynx. This new tool dramatically reduces loan application processing times, cutting them from an average of 20 minutes to just 20 seconds, thereby enhancing efficiency and customer satisfaction in the small business lending sector. SPADE utilizes sophisticated machine learning algorithms to extract essential data from complex, inconsistent, and even handwritten loan applications submitted as PDFs. Traditionally, manual processing of these documents is time-consuming and resource-intensive, often requiring 20 minutes or longer per application. With SPADE, financial institutions can complete this task in approximately 20 seconds, ensuring faster service for both lenders and their small business clients. "Small businesses are the backbone of our economy, and they need a lending process that matches their pace," stated Will Tumulty, CEO of Rapid Finance. "By combining SPADE with Lynx, we are equipping our partners with the means to process applications more quickly and accurately, reducing operational costs and transforming their ability to support business banking customers." Beyond its rapid data extraction capability, SPADE offers several intelligent features, including automatic document classification and is set to introduce capabilities like analyzing company social media sentiment in the future. The module is fully configurable and extensible, enhancing the robust Lynx platform by converting unstructured data into actionable insights in real time. During internal testing, SPADE demonstrated reliability and precision, consistently matching or surpassing human-level accuracy. It can process most documents within 15 to 20 seconds, allowing lenders to expand their operations without sacrificing accuracy or compliance. As a native integration within Lynx, SPADE fits seamlessly into existing workflows, enabling institutions to ingest, validate, enrich, and review applicant data in real time, leading to faster and smarter lending decisions. About Rapid Finance Founded in 2005, Rapid Finance has dedicated itself to fostering the growth of small businesses through fast, flexible, and technologically advanced financing solutions. The company's scalable Lending-as-a-Service platforms empower both small businesses and enterprise partners, streamlining processes and enhancing access to capital. For more information, visit www.rapidfinance.com.