Floowed is an AI-powered credit application automation platform designed to transform raw credit applications into decision-ready analysis. It streamlines the lending process for financial institutions by automating data extraction, validation, and financial spreading, enabling credit teams to make faster, more accurate decisions.

Targeting lenders, banks, and non-bank financial institutions (NBFIs), Floowed helps credit analysts and operations teams reduce manual effort and focus on strategic risk assessment.

Key Features

• Unmatched Accuracy: Achieves a 99.7% accuracy rate in data extraction, even from low-quality or unstructured documents.
• Accelerated Decisioning: Reduces time-to-offer by 2-4x, helping lenders be the first to approve applications.
• Cost Efficiency: Lowers the cost per application by 40-70%, allowing for scalable loan book growth without increasing headcount.
• Intelligent Data Validation: Validates extracted data against specific rules and flags inconsistencies, ensuring data integrity.
• Fraud Detection: Automatically identifies anomalies, tampering, and unusual patterns across documents to mitigate fraud risk.
• Customizable Workflows & Metrics: Offers a low-code/no-code interface to design tailored underwriting workflows and generate custom AI-driven metrics.

Use Cases

Floowed is invaluable for any financial institution looking to modernize its credit underwriting process. It frees credit analysts from the tedious tasks of organizing files and typing data, allowing them to dedicate their expertise to risk assessment and strategic decision-making. This significantly boosts productivity and job satisfaction within credit teams.

The platform excels in processing a wide array of document types, including bank statements, payslips, KYC documents, invoices, financial statements, and even poorly formatted PDFs. By automating the capture, extraction, and organization of this data, Floowed ensures that every application starts with a complete and validated analysis. It supports diverse loan types such as SME loans, personal loans, mortgages, auto loans, microfinance, and BNPL, making it a versatile solution for various lending portfolios.

Pricing Information

Floowed operates on a paid model, offering various plans to suit different organizational needs. A free trial is available, providing access to the Core plan with $100 in credits to explore the platform's capabilities. Advanced features like integrations via APIs and low-code connectors are available from the Scale plan upwards, while Single Sign-On (SSO) and Service Level Agreements (SLA) are offered with the Enterprise plan.

User Experience and Support

The platform boasts a user-friendly low-code/no-code interface, simplifying the creation and customization of AI-driven underwriting workflows. This design philosophy ensures that users can tailor the system to their specific business requirements without extensive technical knowledge. Support is accessible through direct engagement with their team via chat or by booking a demo, indicating a hands-on approach to customer assistance.

Technical Details

Floowed leverages advanced Artificial Intelligence (AI) and Optical Character Recognition (OCR) models, specifically optimized for lending processes, to achieve its high accuracy rates. It facilitates seamless integration with existing loan origination systems (LOS), CRMs, core banking platforms, and internal dashboards through robust APIs and low-code connectors, ensuring compatibility within diverse tech ecosystems.

Pros and Cons

• Pros:
• Exceptional 99.7% data extraction accuracy.
• Significantly faster loan decisioning (2-4x).
• Substantial reduction in operational costs (40-70%).
• Empowers credit teams by eliminating manual data entry.
• Robust fraud detection and anomaly flagging.
• Highly customizable workflows and metrics.
• Broad document and loan type support.
• Seamless integration capabilities with existing systems.
• Cons:
• Advanced integration and security features (SSO, SLA) are reserved for higher-tier plans.
• While low-code, initial setup for complex custom workflows might require some learning.
• No explicit mention of extensive self-service documentation or community forums.

Conclusion

Floowed stands out as a powerful AI-driven solution for automating and optimizing credit application processing. By delivering unparalleled accuracy, speed, and cost efficiency, it enables financial institutions to make smarter, faster lending decisions and scale their operations effectively. Explore Floowed today to transform your credit underwriting process and gain a competitive edge.