First Internet Bank is upgrading its loan origination process with automation. 

The $6 billion digital bank is tapping Greenlite AI’s generative AI technology solution to streamline due diligence for loan decisioning, First Internet Bank Chief Executive David Becker told Bank Automation News.  

Prior to implementing Greenlite AI in September 2024, it took the bank half a day to complete due diligence for one loan, Becker said. Previous diligence efforts entailed manual searches in Google, social media and court records.

With Greenlite AI in place, a customer profile can be created in 35 to 40 seconds, he said.  

The tech has saved the bank “hours and hours,” Becker said, noting that it assists in loan prequalification and speeding the lending process. 

The $867 million digital Grasshopper Bank is also using Greenlite AI for due diligence. In fact, Greenlite AI has cut Grasshopper’s due diligence time by 70%, Grasshopper Chief Risk Officer Chris Mastrangelo said in a Greenlite release. Coastal Community Bank also taps Greenlite AI, according to the company. 

Greenlite AI raised $15 million in a Series A funding round in May, bringing its total funding to $20 million, according to the company.