Parlay Finance formed a partnership with First Internet Bank to deploy its AI-native Loan Intelligence System (LIS). The move is aimed at allowing the bank’s Small Business Administration (SBA) lending operations team to eliminate manual tasks and gain deeper insights for loan decisioning.
With the implementation of Parlay, First Internet Bank is able to process higher application volumes with its existing team. The bank anticipates up to a 50% increase in efficiencies throughout the lending process.
Parlay’s LIS combines AI with tailored automation to streamline intake complexity. Borrowers can submit an inquiry and quickly receive real-time insights on their business health, application status and next steps. Behind the scenes, the platform captures user-permissioned data, cross-references financial statements, validates documents and builds an AI-powered analysis for the lending team.
Nicole Lorch, president and chief operating officer of First Internet Bank, said, “Partnering with Parlay has allowed us to reclaim hours once spent on manual data entry and repetitive tasks. Now, our team has more time to focus on what matters most: better serving our customers and deepening relationships.”
Craig Fortner, senior vice president and chief information officer at First Internet Bank, said, “Parlay integrated seamlessly into our tech stack, instantly boosting data quality and workflow efficiency. It’s the latest example of how we’re leveraging innovative solutions to better serve our clients and empower our team.”
Alex McLeod, founder and CEO of Parlay Finance, said, “First Internet Bank pioneered branchless banking in 1999. Now they’re showing the industry how AI strengthens relationship banking and enables lenders to serve far more small businesses. By moving first, First Internet Bank is building institutional lending intelligence and securing a competitive advantage that grows stronger with every single loan.”
