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  1. Resource Center
  2. Allied Insights
  3. What’s Powering Your Lending?

What’s Powering Your Lending?

  1. Resource Center
  2. Allied Insights
  3. What’s Powering Your Lending?
By Allied Solutions,
June 06, 2023
Discover the power of AI and machine learning in lending. Explore how instant results, improved risk assessment, real-time credit evaluations, and personalized loan products enhance the borrower experience. 

Instant oatmeal, instant download, Instant Pot! As the speed of technology advances, so do our expectations. We like things fast and if they can be instantaneous, even better. Instant results not only give us instant gratification but also saves lenders time and resources when it comes to processing loan approvals. But instant isn’t what it used to be. Now that digitalization has become the norm, financial institutions are constantly seeking innovative ways to streamline their operations, enhance the user experience, and mitigate risk. With the progression of artificial intelligence (AI) and machine learning, loan decisioning - and all it entails – has become faster, more accurate, and overall, radically improved. 

 

AI and machine learning image

 

The power of AI is aiding lenders to bring fast, confident-backed loans to their borrowers looking for personal loans, credit cards, auto loans, and small business loans. Aside from instant decisions and lower risks, AI power helps to leverage more data for fast, accurate decisioning, predicts your borrower’s payment behavior with smarter risk assessment, and grows your loan portfolio.

Curious about what other ways AI credit decisioning can help your institution? Let’s explore the benefits!

 

Increased Accuracy and Risk Assessment

As mentioned above, one huge asset of AI power in credit decisioning lies in its ability to leverage advanced algorithms to analyze and interpret complex data patterns. By utilizing machine learning, financial institutions can gain deeper insights into borrower profiles, historical trends, and market dynamics. This enables more accurate risk assessment and lessens the chances of human errors or biases that could potentially influence credit decisions. AI systems continuously learn and adapt, ensuring continuous improvements and staying up to date with evolving risks and market trends.

 

Real-Time Results

Traditional credit decisioning processes have long been plagued by time-consuming manual tasks, leading to inefficiencies, errors, and delays. Now with AI-powered credit decisioning, these processes can be automated for various stages of credit assessment. Through machine learning algorithms, AI systems can instantly analyze credit scores, financial statements, transaction history, and customer behavior – all in real-time – allowing for fast credit evaluations and decisions. 

 

Let’s Talk Fraud

Financial institutions face an ongoing battle against fraudsters, which can result in substantial financial loss. AI-powered credit decisioning can help as a defense against these fraudulent behaviors. By analyzing large amounts of data in real-time, suspicious patterns and anomalies can be detected, highlighting potential fraudulent activities. This proactive approach can mitigate risks and overall help protect the institution and its borrower.

 


Keep up to date with the latest fraud trends with the Let’s Talk Fraud webinar series. Register now for the next webinar!


 

The Borrower Experience

AI-powered credit decisioning not only benefits financial institutions but also improves your borrower’s experience. AI algorithms can identify individual preferences, behaviors, and credit requirements, allowing financial institutions to offer personalized loan products, terms, and rates tailored to the needs of each customer – giving your borrower realistic results.

You’ll be able to deliver faster loan approvals, giving your customer instant access to credit. Improved convenience and product accuracy can only lead to better customer satisfaction and loyalty, giving your institution an added boost to your brand!

 

AI and machine learning are only the beginning when it comes to technological enhancements that can reduce risk and errors, improve efficiencies, increase your portfolio, and expand customer service. Embracing AI now will not only modernize your processes, but it will blaze the path for future innovations in the space to come. 

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