Our recent discussion on AI, led by Ari Gross, our CEO and Co-Founder, and Bob Noble, our Chief Product and Technology Office, covers a wide range of topics. This educational session provides listeners with a thorough explanation around the origins of AI, its impact on lending, the training process, the potential ROI and cost savings, and what lies ahead for our industry in 2024 and beyond.
The current perception of AI in lending is often met with skepticism. People question whether AI actually works, how it will change their organizations, workforce, and customer experience. Concerns often arise around the cost, complexity, and overhead of running an AI solution.
In our on-demand recording, Ari unpacks the origins of AI, highlighting the work of Alan Turing, the term “AI” that was coined by John McCarthy, and the development of expert systems in the 1980s, with rules and early learning, further pushed the boundaries of AI.
Today, AI is not about “thinking” but rather about using big data effectively to continuously learn and improve over time. Chat GPT, a Generative AI system, is particularly useful in interacting with its users, facilitating conversations and explaining derived solutions.
The scalability of AI-powered operations is a significant advantage, especially as the market recovers in 2024. Lenders and insurers, aided by AI, can become true business experts, freeing up valuable time previously spent on manual tasks like data correction and analysis. This shift will drastically change the customer experience, allowing for near real-time document collection and data perfection. Intelligent decision-making will be driven by automated income reviews, fraud detection, and scoring the quality of information, empowering lending experts to make quick and informed decisions without extensive manual labor.