NEW YORK–(BUSINESS WIRE)–#banking—Midwest Bank, a locally-owned community bank, providing loans, mortgages, financial planning and investment services throughout central Illinois, has selected Lendsmart, an AI-driven digital lending platform, to improve its digital lending and home buying operations.
With Lendsmart’s technology, Midwest Bank will own its customer journey end to end, helping borrowers acquire a loan and offering ancillary services to allow the borrower to move into a home in record time. At the same time, improving accuracy, minimizing lender risk, and reducing origination and operational costs.
Since its establishment in 1870, Midwest Bank has been committed to its customers and the communities it serves. The bank strives to offer innovative products and services and cutting-edge technology to its valued customers.
“Our business was built on the relationships we have with our customers, and partnering with Lendsmart will allow us to offer them a superior experience when it comes to applying for a loan or moving into a new home,” said Chris Gavin, President & CEO at Midwest Bank. “We’re looking forward to evolving our digital lending and mortgage capabilities with Lendsmart’s support.”
Lendsmart digitizes up to 70% of the lending and home buying processes, leveraging AI to autocomplete elements of the mortgage applications and validate data in real-time. As a result, providing instant approvals and helping customers acquire a loan in a matter of weeks. The platform brings all parties involved together to unify the process every step of the way.
“We’re pleased that Midwest Bank has selected Lendsmart as a digital lending and homebuying solution,” said AK Patel, Founder and CEO of Lendsmart. “With our technology, we’ll be able to help Midwest Bank significantly reduce loan origination processing time to close more loans and improve the borrower experience.”
Lendsmart, founded in 2018, is an AI-driven digital lending platform that automates and digitizes lending and homebuying operations to create a single, automated conversational experience for banks, credit unions, and non-bank lenders. Using artificial intelligence to digitize up to 70% of the lending and home buying processes, Lendsmart allows borrowers to get a loan, refinance, or purchase a home in record time. For more information, visit www.lendsmart.ai.
About Midwest Bank
Midwest Bank, headquartered in Monmouth, Illinois is a locally-owned, community bank, providing loans, mortgages, financial planning and investment services throughout several locations across central Illinois. Midwest Bank believes in making the communities that serve a better place to live and work. The bank strives to have a positive impact through community involvement both financially and philanthropically. For more information, visit www.mbwi.com.