Illustration: AI
Solva is designing a car-backed loan application process that would require only an individual identification number (IIN) and a phone number at the first step. The company wants to halve the time it takes to complete an application using artificial intelligence and automated data collection. It received more than 4,000 applications for these loans in October (digitalbusiness.kz).
What happened
According to Solva head Pavel Kravchenko, the company is rebuilding the entire loan application process. Once an individual identification number and phone number are entered, the system would retrieve a list of vehicles through the digital documents service. The plan is to get vehicle specifications from government databases.
The system will calculate the lending limit using the average market price of similar cars in current listings. The product description lists loans of up to 20 million tenge for up to five years. The calculator would immediately show the total cost of the loan and the amount payable above the principal.
What this means for borrowers
The system will collect some vehicle information automatically, and the company plans to move the inspection into the app. Borrowers will photograph their cars using the in-app camera. Uploading existing photos from the gallery would be blocked.
One important detail: the company wants to split the collateral assessment among three or four reviewers. It is also considering video checks and verification of the VIN, or vehicle identification number. For photos taken at night, it proposes automatically checking whether there is enough light in the frame.
Specialists will still make collateral decisions
Kravchenko says the product rules will set out requirements for borrowers’ ability to repay and acceptable debt levels. If the system calculates different limits for two cars belonging to the same owner, the interface should explain why.
“We are building the process so that artificial intelligence delivers speed without becoming a ‘black box’ that makes hidden decisions,” says Pavel Kravchenko.
The process is still being designed
Consent to data processing will require confirmation by SMS, with no pre-ticked boxes. Under the company’s plan, comprehensive car insurance and getting a card will remain optional for customers.
While discussing the mock-up, the team has already replaced “odometer” with “mileage” and reduced the number of required car photos. It will separately track how long customers spend moving through the screens and where they abandon their applications. The plan is to compare changes through A/B tests, showing different interface versions to different groups of users. The new process is still at the design stage, and halving the time remains the team’s goal.
