Banking service provider Bluevine is embedding AI in more than half it lending operations, and developing multiple AI-driven features to better serve its customers. 

Bluevine provides small and medium-sized businesses with banking services and has deployed gen AI for: 

• Documentation; 

• KYC;

  

• Fraud detection; 

• Internal knowledge finding and customer service; and 

• Software development. 

Automated lending is the main AI use case at the company, Chief Product Officer Herman Man told FinAi News. 

“More than 50% of all lending process is done by our proprietary AI model,” Man said. “The model can make decisions within minutes after the completion of the application process and maintains a low delinquency rate as well.” 

Running the data 

The AI model evaluates a business’ data points, including:  

• Cash flow,  

• Prior delinquencies,  

• Existing lines of credit; and   

• Owner’s credit score.  

The AI model then gives the loan application a letter grade and a high score automatically approves the loan. 

Bluevine does keep a human in the loop, though. 

“Sometimes, if it’s a new customer or it is a complex application, the AI model will ping a human underwriter to evaluate the documents and make the final decision,” Man said. 

The Jersey City, N.J.-based fintech is deploying gen AI for simple underwriting tasks like scanning documents and filling in forms to aid the underwriter, Man said. 

SMBs spend on AI tools 

As financial institutions roll out new AI-driven tools, SMBs are also spending significant amounts on AI-driven services to make operations efficient. 

According to a recent report by Bank of America Institute, SMBs spent nearly $110 million on tech in August, up 10% year over year. 

SMBs are spending on a range of tech services, including accounts receivable technology, payments services and AI, Taylor Bowley, economist at Bank of America Institute, told FinAi News. 

“Businesses are using AI not just for hiring, but also for searching for information, marketing, business analytics, data management and customer service,” Bowley said. 

Bluevine is seeing AI adoption in its consumer base as well and is developing AI-driven financial tools for clients, Man said. 

Gen AI-driven cashflow forecasting tool 

Bluevine for the past few months has been working to develop a gen AI-driven cashflow forecasting tool it believes will add value to SMBs, Man said.   

The fintech is using OpenAI’s large language model (LLM) as the base model for the tool, he said. And it is exploring other general LLMs, including Claude and Google Gemini, to learn which works best. 

Bluevine expects to release the tool to clients in 2026, Man said. 

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