Beautifi Introduces AI-Powered Decisioning to Enhance Credit Underwriting

As Elective Procedures Become the Norm, Beautifi Supports with Innovative Lending.

VANCOUVER, BC, Oct. 23, 2024 /CNW/ - Beautifi, a leading consumer finance and technology company on a mission to bring beautiful to life, has introduced a more intelligent way for Canadians to secure loans through its new AI-enabled underwriting technology. As demand and access to elective medical procedures increases—from IVF to hair transplants—so too does the desire to finance these procedures to make the costs more manageable. Beautifi's proprietary decision-making technology enables more accurate risk assessments using machine learning to analyze a wider range of applicant data. This results in an expanded set of loan opportunities and access to a variety of procedures for a more diverse group of borrowers.

The trends in data reflect a growing demand for elective procedures, as more people opt in to meet their health, wellness, and aesthetic goals. Data from the 2023 Plastic Surgery Statistics Report reveals a steady 5% year-over-year growth in elective medical procedures. Beautifi's own data reflects the macro-level trends in Canada, with many women seeking procedures like breast augmentation and the aptly named mommy makeover to restore the areas of themselves that are so rapidly and drastically altered by childbirth and breastfeeding. But women are not the only ones choosing to take things into their own hands - men are also making up an increasing number of applicants as well. Beautifi is meeting this demand with flexible payment options.

"The reality is today, traditional lending models from banks and other institutions haven't kept up with consumer behaviours," said Ryan Brinkhurst, CEO of Beautifi. "Today's consumers often engage in micro-lending and other newer lending practices that aren't captured by credit bureaus. Our new AI-enabled system captures a truer picture of their risk profile, enabling us to offer loans where they might not have been approved otherwise. This ultimately helps build their credit score through manageable instalment payments."

Alongside increasing approvals for those with non-traditional credit histories, the system provides instant decisions with clear guidance on the next steps, making the loan process faster and easier.

With this innovative approach, Beautifi continues to lead the industry in providing personalized financial solutions, reinforcing its commitment to making health and beauty procedures accessible to all Canadians.

About Beautifi

Beautifi is a consumer finance and technology company on a mission to bring beautiful to life for clients and partners by providing access where it didn't exist before. From fertility treatments to cosmetic surgery, the Beautifi platform supports the discovery of elective medical procedures, as well as the doctors and clinics that provide them. Beautifi empowers individuals to obtain the care they want and need with flexible loans on their own terms.

SOURCE Beautifi

Natalija Vreca, Email: [email protected]