MONEYME celebrated as digital disruptor at Innovation Awards
Innovation has been a key focus for MONEYME as it sought to close the gap on major banks and challenge the status quo in digital finance solutions. Its focus paid off when it was celebrated at the recent Finder Innovation Awards for 2022.
Announced as the Digital Disruptor of the Year, MONEYME was applauded for breaking clear of other online lenders with solutions like Autopay.
Autopay settles car loans in as fast as 60 minutes and has more than 1,600 Australian dealers and brokers using the platform. Within just 14 months of its launch, Autopay became one of the lender’s most successful products ever, accounting for 49% of originations in the final quarter of FY2022.
Judge and Finder Money editorial manager Alison Banney said, “Autopay is a great example of digital disruption. The success metrics clearly show you’ve found a gap in the market and are responding to consumer demand.”
This digital disruption also earned MONEYME’s place as a finalist in 2 other categories at the awards.
Disrupting the status quo in consumer lending
Autopay cemented MONEYME’s position as a finalist in the Best Lending Innovation category.
The solution provided customers almost-immediate access to finance rather than having to wait for days or weeks. When a customer goes into a car dealership and picks out a car, the dealer can use the Autopay platform to submit the client’s application for finance. It takes as little as 60 minutes and the customer can drive away the same day.
Autopay has been a big hit with dealerships, plus the number of customers choosing to finance their car loan through the product is growing.
A review from Gold Coast Prestige said the dealership is “selling more cars because of Autopay”.
“Over the past 6 months, over 40% of our customers have chosen to fund their car via Autopay, which is incredible numbers for a financing solution that’s a year old,” the review said.
Finder publisher and Innovation Awards judge Dougal Warby said, “MONEYME took a problem in the auto industry and fundamentally changed how it was solved. This is a great solution for both dealerships and for the user looking for a same-day purchase.”
In-house AI quickens process for customers
Although Autopay is MONEYME’s key headline of 2022, there has been a lot more bubbling away behind the scenes.
During FY2022, MONEYME upgraded its in-house Artificial Intelligence Decision Engine (AIDEN) and its proprietary technology platform called Horizon. The lender introduced features to make the process for customers simple and swift.
AIDEN earned MONEYME a second finalist mention, this time in the Best Technology Innovation category.
Being an online business from its foundation in 2013, MONEYME understands the importance of timing. Its ability to rely on its own technology enables the lender to innovate, pivot and roll out new products fast – something that paved the way for this win. It also led MONEYME to be recognised in not 1 but 2 more categories at the Innovation Awards.
AIDEN automates a majority of its decisions. It analyses hundreds of data points such as bank statements, credit file and personal information in real-time when a customer applies for a personal loan or virtual credit card.
This allows the AI system to make well-informed recommendations, reducing its credit risks while enhancing its ability to provide fair pricing decisions and customer rates. AIDEN can do that within just 1.3 seconds, 24/7.