SaaS provider Solifi has developed an AI solution that will significantly reduce the time that auto and equipment lenders spend reviewing documents. 

The Minneapolis-based fintech’s Document Intelligence tool, which launched March 9, could cut document review times by at least 70%, according to a company release.  

Solifi developed the product after learning about the laborious processes that many of its clients must undertake to complete document reviews, Chief Product Officer Karan Oberoi told FinAi News.  

“Last year, we spent quite a bit of time interviewing our clients, understanding their pain points across different elements, and then we narrowed in on this particular use case and said, ‘Well, this is universal.'”

— Karan Oberoi, chief product officer, Solifi

Oberoi said many auto and equipment lenders have “a huge set of very complex business rules” related to criteria including:

• Matching signatures;  
• Date stamps;
• Names of legal entities; and
• Discrepancies between annual statements and loan applications. 

Customization key 

So Solifi created an AI solution that analyzes a wide range of rules specific to each institution’s workflows, he said.  

“Not every lender has the same process,” he said. “Some may want to do a pre-check on some documents, then get back to it. Others may want to get all the documents collected or collated together first, and then do the verification right at the end.” 

The tool uses agentic AI to automate document verification, with clear audit trails to ensure compliance and human-in-the-loop features, if necessary. The agents can explain why documents are flagged or successfully completed, and the solution provides real-time insights into verification results.  

One client, who he declined to identify, is especially excited about the tool because the company has had to hire temporary employees for document reviews to handle higher application volumes during its busy season, Oberoi said.  

Solifi’s lending partners include:

• DLL;
• Exeter Finance; 
• Huntington Bank; 
• Paccar Financial; 
• PEAC Solutions; and
• Toyota Financial Services. 

Lenders explore 

Further highlighting interest in AI tools, UniFi Equipment Finance is also exploring AI and agentic AI tools to automate front-end tasks such as document review, President and Chief Executive John Gougeon told FinAi News.  

Automating such processes positions lenders to “scale based on technology, not on additional headcount,” he said. 

Crest Capital President Mark French is most excited about agentic AI’s ability to streamline document review, data extraction and other tasks that allow it to “cut cycle time and reduce rework without changing core credit standards,” he told FinAi News sister publication Equipment Finance News.  

Using AI for document intake is an effective, practical application that should provide immediate efficiency gains for financial institutions, Will Rhoads, chief innovation officer at Sonata Bank, told FinAi News.  

Register here for the upcoming FinAi Lending Summit, set for Oct. 7-8 in Las Vegas.