There is no question that an aid program of this magnitude will have significant exposure to fraud that could lead to billions of dollars slipping through the cracks. With our proprietary AI, we can safely process up to 1.2M loans an hour from government to small business.
NEW YORK (PRWEB) April 09, 2020
Dear Mr. President,
Thank you for getting the CARES Act signed into law so expeditiously. There is no questioning the need for this $349 billion allocation aimed at flattening the unemployment curve, and ensuring that small businesses survive to re-employ Americans when the country reopens. However, as we can see from the first days of accepting loan applications, the expectation put on you and our government to have easy success in the epic task of deploying funds to America’s 30.2 million small businesses -- quickly enough to slow unemployment and position the economy for an accelerated rebound -- simply isn’t tethered to reality. Using traditional methods and aging technology, the volume of applications will exceed the processing capacity of the country’s largest financial institutions by orders of magnitude. To illustrate the point, Bank of America had received 177,000 submissions from small businesses by 11am on Monday, April 6th -- just ten business hours since they began accepting applications. Even if Bank of America had 1,000 underwriters trained and dedicated to the task, we estimate it would take well into 2021 to process nearly 1,800 applications per underwriter.
While the task at hand is monumental, I assure you that it’s not insurmountable. But a different approach is required, one that leverages financial technology innovation. Simply put, the silver bullet comes in the form of artificial intelligence and automation technologies that are on the verge of redefining the future of banking.
My name is Adam Cohen and I'm the Founder and CEO of Laso, a technology solutions provider to financial institutions with a lending platform powered by AI and real-time data. I'm directly reaching out to you in this public manner to offer a solution that can get the $349 billion to small businesses at mass scale, and in time to make a difference. But our concerns go well beyond timeliness. There is no question that an aid program of this magnitude will have significant exposure to fraud, and that even small incidence rates could lead to billions of dollars slipping through the cracks. With our proprietary AI, and credit models validated by Moody’s and Equifax, the Laso platform can safely process up to 1.2 million loans an hour directly from the government to small businesses.
Mr. President, you did an amazing job in securing this desperately needed stimulus relief. Again, I thank you for that. We are now living in a country where more than five jobs are lost every second. With each job lost and with each business closing, the valley our nation will have to cross gets deeper and wider at an alarming rate. I would be honored to collaborate with you and your team to solve this problem.