Artificial Intelligence Awards 2021

Nov21647 Leading Digital Mortgage Lender of the Year - UK Molo Finance is changing the world of mortgages as we know it. Introducing efficient, paper-free communication, no hidden fees, and a 100% digital process, Molo Finance is bringing the future of lending into the present day. However, the company’s mission has only just begun – 2022 brings some spectacular developments for the firm, including the introduction of its residential mortgages and the further expansion of its automated and AI processes. Launched in 2018, Molo Finance is an award-winning digital mortgage platform that is challenging the current lending landscape with entirely paperless mortgages. The idea that birthed Molo Finance was formed in the summer, when the now CEO and Co-founder, Francesca Carlesi, started looking for a mortgage and realised how slow and outdated the whole process was. Relying heavily on manual, paper-based systems, Carlesi noted that the entire process could be streamlined. Therefore, when sharing her dissatisfaction with her friend Leo Grünstein, a serial co-founder and investor in new ventures, it became clear that between them, the pair could develop a solution to solve this issue and make a dramatic change to the mortgage industry. Molo Finance provides a digital mortgage experience like no other. As the entire process is digital, Molo Finance eliminates the need for paperwork or appointments, which results in the ability to deliver faster decisions throughout the process and give out an offer in less time than a high-street bank. In turn, this creates an optimised and streamline process, in which transparency is guaranteed. Indeed, there are no hidden fees or technical jargon – Molo Finance simply does what it promises, which is why the company has garnered a 4.7-star rating on Trustpilot. As the world turns to digital processes for services such as online shopping or food delivery, the demand for instant gratification grows. This expectation has similarly been placed upon the world of finance, and whilst the company understands that a mortgage cannot be processed in minutes, it does not see the need for the months-long waiting times. In an industry that is notorious for creating overly complicated services, an excess of paperwork, and a great amount of stress, Molo Finance is a breath of fresh air. The company’s dynamic tech and product teams are constantly searching for new ways to evolve the AI and automated services Molo Finance already utilises automation within its products, for example, its proprietary automated credit decisions engine which provides a more accurate and fair assessment for the borrower. Therefore, as the technology improves so will the customer experience and they can enjoy better access to mortgages as a result. Of course, none of this would be possible without its employees. Molo Finance ensures that its staff maintain a healthy work and life balance – after all, work isn’t everything, and it is important that staff take time away in order to refresh themselves. If the team are on top form, then they can be productive and produce high-quality work. Moreover, the Covid-19 pandemic has greatly changed the manner in which the team operates. Transitioning from office working to remote working, Molo Finance wants to be a frontrunner in move towards flexible and contemporary working setups. As a result, the company encourages its staff to work in environments that suit them – be it in their home office, or when visiting family abroad. The team simply stays in contact through regular meetings and virtual lunches, quizzes, postal treats, and cocktail making courses. The Covid-19 pandemic served to be an eventual positive for the company, as it saw a dramatic increase in demand. As Molo Finance is an end-to-end digitised mortgage lender and banks were closed during the pandemic, customers flocked to its services, visiting the site to get their mortgage in principle and to complete their mortgage application. In the end, this accelerated the company’s growth. The only downside was not being able to attend mortgage events as there weren’t many award ceremonies, especially in- person, which has meant that growing the brand marketing has been a challenge. 2022 is set to be a busy year for Molo Finance. A key aim for the company is to continue evolving – it hopes to further develop its automated services and its use of AI. Furthermore, with numerous plans in the pipeline, a star standout is its introduction of residential mortgages. Currently offering buy-to-let plans, Molo Finance is planning to make homeownership more accessible to all for as little as a 5% deposit. Contact: Myyu Duong Company: Molo Finance Web Address: