Y Combinator startup uses voice AI to save 76% of abandoned-in-process loans

Two entrepreneurs from Y Combinator have developed Qualify.bot, a conversational AI platform designed to streamline the commercial lending process using voice technology. The platform addresses a critical industry problem where up to 76% of loan applications are abandoned before completion, representing billions in lost business opportunities for both lenders and borrowers seeking capital.

The big picture: Voice AI is emerging as a transformative technology for complex business processes, with lending serving as an ideal testing ground due to its combination of high-stakes decision-making and standardized procedures.

Why this matters: Commercial loan abandonment rates can exceed 76%, meaning countless entrepreneurs are unable to access capital for business growth, while lenders lose potential revenue from incomplete applications.

• The traditional loan process requires extensive documentation and coordination between multiple parties, creating friction that drives away applicants.
• As co-founder Yash Goenka explains: “All those abandoned loans represent entrepreneurs’ dreams deferred, expansions delayed, equipment un-purchased, growth stalled.”

How Qualify.bot works: The AI platform acts as a 24/7 assistant that guides borrowers through the entire loan application process using natural voice conversations.

• The system calls abandoned applicants within minutes while they’re still motivated and at their computers.
• It can spend extended time explaining complex financial concepts without frustration, as Goenka notes: “Our AI will spend 45 minutes explaining what a debt service coverage ratio is without any frustration. Try finding a human who’ll do that cheerfully on the hundredth call.”
• The platform handles pre-qualification, document collection, and coordination with underwriters.

What makes voice AI different: Three technological advances have made sophisticated voice AI possible, according to co-founder Rohan Datta.

• Response times have dropped below 500 milliseconds, enabling natural conversation flow.
• Large language models (advanced AI systems like ChatGPT) can now maintain context across 30-minute financial discussions.
• Voice synthesis has become indistinguishable from human speech, including natural conversation elements like “ums” and “uhs.”

The lending industry advantage: Commercial lending presents unique characteristics that make it particularly suitable for voice AI implementation.

• “Lending is uniquely perfect for voice AI,” Goenka explains. “It’s high-stakes enough that people want to talk to someone. Nobody wants to get a business loan through a chatbot.”
• The process is standardized enough that AI can provide accurate answers to common questions about required documentation and procedures.
• Voice communication addresses declining literacy rates and preference for verbal over written communication.

Impact on loan officers: Rather than replacing human workers, the technology is expected to elevate their roles into more strategic positions.

• AI will handle application intake, document collection, and basic underwriting tasks.
• Human loan officers will transition to becoming “trusted advisors, closers, and relationship managers,” according to Goenka.
• This mirrors how ATMs didn’t eliminate bank tellers but shifted their responsibilities to higher-value activities.

What they’re saying: Industry experts believe voice AI represents a significant opportunity for operational improvement.

• “The convergence of three technologies changed everything,” Datta explains, referring to reduced response times, advanced language models, and human-like voice synthesis.
• Goenka emphasizes the human element: “Just like ATMs didn’t get rid of bank tellers, Voice AI will not do away with the all-important human touch.”