AI driving quick approvals at this non-bank

The digital non-bank lender specialises in personal loans, car loans, and debt consolidation.

Part of MONEYME’s value proposition is its speed. Through eliminating unnecessary paperwork, the lender promotes quick quotes and fast approvals.

Speaking to Broker Daily, MONEYME’s CEO and managing director Clayton Howes said that investment in AI is what has propelled this success.

He said that AI is “deeply embedded” in operation and is helping deliver tangible results.

This includes a 30 per cent uptick in customer satisfaction through interaction assisted by generative AI.

Investment in agentic AI is expected to reduce losses by 20 per cent, Howes claimed.

He added that the lender is aiming to achieve a 30 per cent reduction in repetitive manual tasks over the next two years.

“This is part of a broader transformation in how we scale smarter. For brokers, this means faster approvals, better customer outcomes, and a more competitive experience for their clients,” said Howes.

Lenders play a critical role in accelerating AI. According to Howes, those who aren’t actively deploying these systems are already behind and “the cost of inaction is irrelevance.”

“Success is about being able to deploy and operationalise AI at scale. It’s becoming a foundational capability that’s helping lenders move faster, serve better, and operate more efficiently,” he explained.

Start-ups and smaller lenders have the advantage of not being hindered by legacy systems.

This allows for flexibility, agility, and innovation, which is helping transform the industry.

Still, caution must be upheld when diving into tech like AI. For many, the consequences of a misstep are largely unknown.

“We’re approaching AI thoughtfully. We’re still a relatively young business, and we don’t want to break things by moving too fast. Every material decision involving credit, customer outcomes, or risk still includes human oversight in creating the frameworks. AI can be a powerful growth driver, if applied responsibly,” said Howes.

[Related: Aussie’s mortgage process to become fully AI-led]

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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