Parlay Finance announced today a partnership with First Internet Bank to deploy its AI-native Loan Intelligence System (LIS). The move allows the bank’s Small Business Administration (SBA) lending operations team to eliminate manual tasks and gain deeper insights for loan decisioning.
The partnership addresses a critical industry challenge. Amid surging SBA demand, lenders require technology to scale operations efficiently without sacrificing the relationship-first approach and rigorous underwriting that define small business lending. With the implementation of Parlay, First Internet Bank is able to process significantly higher application volumes with its existing team, while delivering well-informed decisions and a transformed borrower experience. The bank anticipates up to a 50% increase in efficiencies throughout the lending process.
Partnership Delivers Immediate Results
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 handles work that used to consume operational hours per application – capturing user-permissioned data, cross-referencing financial statements, validating documents and building an AI-powered analysis for the lending team.
Unlike traditional loan origination systems that simply record transactions, Parlay’s LIS captures specific decision-making patterns, building institutional intelligence that can be scaled across organizations.
“Partnering with Parlay has allowed us to reclaim hours once spent on manual data entry and repetitive tasks,” said Nicole Lorch, President and Chief Operating Officer of First Internet Bank. “Now, our team has more time to focus on what matters most – better serving our customers and deepening relationships.”
“Parlay integrated seamlessly into our tech stack, instantly boosting data quality and workflow efficiency,” added Craig Fortner, Senior Vice President and Chief Information Officer at First Internet Bank. “It’s the latest example of how we’re leveraging innovative solutions to better serve our clients and empower our team.”
Parlay’s system delivers:
Real-time customer onboarding and guidance that improves submission speed and accuracy
Intelligent information validation across data sources, including credit bureaus, financial statements, tax records and incorporation documents
Faster, more informed decisions through AI-powered analysis that accelerates pre-vetting and deal structuring
Institutional lending intelligence that captures and scales First Internet Bank’s unique expertise
“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,” said Alex McLeod, Founder and Chief Executive Officer of Parlay Finance. “By moving first, First Internet Bank is building institutional lending intelligence and securing a competitive advantage that grows stronger with every single loan.”