Can You Safely Disburse a Loan in Less than Two Minutes? Yes — Here’s How.
Safely disbursing a loan in the shortest time possible and with minimal risks is a constant race for lenders. To this day, it takes lending companies anywhere between 24 hours to a week to analyze the loan application, do the borrower evaluation, gauge the credit risks, decide on the interest rate, and finally, to disburse […]
Collection Scoring in the Age of Artificial Intelligence
Twenty-first century debt collection is backed by a complex system of inputs, algorithms and analysis involving gigantic datasets. Almost by definition, all lenders are collectors. So, while a certain amount of delinquency may be understood as a cost of doing business, that cost doesn’t have to be met with shrugs; not anymore. Artificial intelligence, or […]
Artificial Intelligence Means Better Customer Retention for Lenders
Cracking open multiple data sources can also help lenders spot would-be borrowers worth lending to, even if they have scant credit histories. When you think about it, the key to customer retention is the “Golden Rule,” a maxim found in cultures around the world stretching clean back to ancient Sumer. In modern English, the saying […]
Lending Approval Process: Keeping Pace with Next Gen Borrowers, Part One
There’s a changing of the guard, but it’s not at the palace. Millennials are pushing Baby Boomers out of the top spot for most coveted consumer demographic as this latter group ages and shrinks in size.
How Machine Learning is Used in the Lending Industry
Together, artificial intelligence, machine learning, and deep neural networks are a boon to businesses awash in data. Machine learning has flipped the script on traditional lending, allowing for more accurate and faster decisions by shifting traditional decision-making from analysis of individuals to analysis of trends and patterns. The result for lenders? More repeat business, and […]
