LoanOptions.ai, Australia’s fastest-growing personal, car, business, and equipment loan comparison platform and broker, has introduced a bank statement analysis tool to help its customers track their spending.
The new tool provides LoanOptions.ai customers with a bank statement analysis report as part of the loan process. These reports offer thorough insights into customer spending habits, helping them make informed decisions to support their financial goals.
The reports include an overview of the customer’s bank accounts, graphs comparing income and expenses, a breakdown of expenses by category, and customer spending compared to the average in various categories.
It also helps customers understand their money management relative to their payday and includes a subscription evaluation tool to track subscriptions.
Additionally, the tool features AI-generated insights on spending patterns and practical support for managing spending. For instance, a customer whose bank statement analysis showed a high percentage of spending on fast food received a discount code for a healthy meal delivery service.
“The goal is to support Australians. We’ve streamlined and simplified the application process so that it only takes a few minutes to apply for a loan and is as easy as checking out in an online store,” said Julian Fayad (pictured above), LoanOptions.ai founder and CEO.
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“Accessibility and transparency for Australian borrowers have always been key motivators for us,” Fayad said. “Our technology displays loan options to a customer that they are actually eligible for, and that are most likely to be approved, with no hidden fees.
“The entire process is supported by our human brokers who are masters of their art and let customers know they are supported the entire way through.”
Fayad stressed LoanOptions.ai’s dedication to innovation.
“We are always coming up with new ways to support Australians to reach their financial and personal goals and fulfill their dreams,” he said. “We have been excitedly developing this new feature and are thrilled to take it to the market now and let our customers enjoy a new level of transparency, service, and financial management.”
In 2023, LoanOptions.ai announced the launch of its Auto Complete Engine, which has reduced the personal, car, business, and equipment loan application process to as little as five minutes, with approval often provided in under an hour.
The application is complemented by the company’s Loan Tracker tool, allowing customers to track the status of their loan like tracking a pizza.
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