Shiboleth: Automating consumer lending compliance

TLDR: Lending companies use us to flag compliance violations for customer interactions and create the first drafts of the reports for the government.

🚀 Shiboleth’s Y Combinator offer: We are so excited about our technology and the launch 🔥. If you are a financial institution and want to check the work of your QA team or auditor shiboleth.ai/#ycdeal, or send an email to founders@shiboleth.ai to receive a free audit of up to 20,000 calls.

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👋 Hello everyone, we are Esty and Bivu!  We are building Shiboleth. If you saw a recent Garry Tan’s tweet about bookface launch live, that was us :). We were chosen as one of the top products based upon “votes from batch and YC alumni”.

Esty previously worked in the intersection of compliance and conversational intelligence. And Bivu has a decade-long experience in NLP and AI. Together, we are excited to innovate in the regulatory compliance sector, an area that is long due for innovation. We believe that automating compliance can enable smaller financial institutions to exist in the long term.

❌  The Problem: Consumer lending is very litigious and consequently, it is heavily regulated: agencies such as CFPB, FDIC, and OCC impose a lot of intentionally ambiguous regulations. Currently, the audits are extremely manual. Even with a large team of auditors,  they can only check a fraction of the calls—sometimes as low as 2% which means that violations can be missed. Often, there is “just enough ambiguity” that the calls and communication warrant manual reviews. This is problematic because an internal audit system might not suffice for compliance purposes.

🤔 How does it work?: Shiboleth automatically flags compliance violations in customer interactions. It does this by syncing with the companies' runbooks, using advanced LLMs and NLP to parse relevant regulations. Our extensive database of public reviews, CFPB complaints, and enforcement actions helps us identify the most enforceable regulations and recommend appropriate mitigation actions.

You can check out the demo below. 

🌤️Who Can Use Us: Our solution is designed for financial institutions, including banks, fintech companies, and non-bank lenders, that are looking to streamline their lending compliance processes and reduce costs. We are currently working with lending institutions but would be interested in hearing adjacent use cases

📫 If you want to be part of our beta, introduce us to new use cases, or just geek out Dodd-Frank in general, please free to reach out to founders@shiboleth.ai.