The influence of artificial intelligence is cropping up everywhere lately. From the business environment to even how children learn in schools, it’s clear by now that AI is here to stay. While this new level of technology makes some people uneasy, it can boost productivity and efficiency in many circles; such as in lending and loan management!
But how does AI achieve these incredible feats? Is it truly as useful as it’s loudest advocates would have you believe? Companies like Likely Loans offer services without it and are still thriving today. Is AI always necessary?
Consequently, here’s a quick rundown of AI’s impact on lending and loan management.
Education and Accessibility
AI doesn’t necessarily pertain to complex systems or revolutionary androids alone; it can also just constitute as chatbots on a webpage too. Because of this, people who’re keen to get clued in on lending and loan management can get informed in their own time. This eliminates much of the need for telephone queues to speak with financial advisors, or even booking appointments with experts. It’s simply a case of encountering an online AI that’s pre-programmed to inform and educate on the topic at hand.
Because of this, customer service staff in these industries can focus their attention on bigger problems. AI can handle the more menial enquiries that’re recurrently asked, while the real workers devote themselves to the bigger issues and more complicated matters. Therefore, it can be said that AI’s impact on lending and loan management can boost education and accessibility here and streamline customer service processes.
Assessing Credit-Worthiness
It’s difficult to understand how AI could ever assess credit-worthiness. However, this is exactly how lenders are developing their portfolios today, according to Wired; by using AI to determine if a customer is qualified and trustworthy enough for lending. How old is the customer? What’re their spending habits like? Do they always pay back what they owe?
All this information can be very telling for lending and loan management companies, but they’re also very laborious, repetitive enquiries to research. AI is absolutely a time saver here, once again freeing up staff members to focus on bigger issues. Once again, the impact of AI here is one of efficiency, shouldering the responsibility of the more tedious tasks.
Security Measures
Wherever money is concerned, security is taken seriously too. Because of this, AI has been largely rooted in this area of operations by protecting assets around the clock. It performs routine checks for potential threats and safeguards sensitive customer and lender information. Because AI is not prone to human error, tiredness or distraction, response times to any cyber threats are immediate too.
Not only this, but AI is also incredibly smart technology. Consequently, facial recognition and voice detection software’s can be implemented to access important data, instead of the old school security systems like usernames and passwords. It keeps lenders and loan management companies one step ahead of any hackers or threats and ensures all of their resources are always safeguarded.
