Lending Labs Launches Ontoz on IBM Cloud to Boost AI Adoption in Banking

Lending Labs has launched its enterprise orchestration platform, Ontoz, on IBM Cloud. This move aims to address the barrier that has stalled AI adoption in regulated banking by keeping customer data and AI decisioning inside national borders.

According to Anand, co-founder and chief executive of Lending Labs, 'The best AI in lending is the AI you can hand a regulator.' He emphasized that if a compliance officer cannot explain exactly what the system did and why, it is not considered finished.

Ontoz offers a 360-degree role automation and co-pilots across sales, underwriting, operations, support, engineering, testing, and product documentation. This platform can automate origination and servicing tasks for complex loan products using AI, including mortgages, auto finance, small-business loans, and loans against property.

Lending Labs' customers have seen a 50% increase in underwriting teams productivity and 30% increase in sales teams productivity benchmarked against their peers. The company is inviting IBM's customers into a full-day workshop to design their own lending orchestration alongside its team.