Creating a more personal loan experience through artificial intelligence

Personalizing the consumer experience in a way that doesn’t necessarily involve a person? Say hello to the future of lending technology that brings loans – and members – into the credit union in ways that help cement the relationship.

At the center is AI, behavioral science and creative lending techniques all designed to improve the experience at every step – from engaging the customer through more conversational language, to providing a view of the situation that extends beyond the transactional, and automating backend workflows that make in-branch underwriting and closing seamless and frictionless.

This move toward digital lending couldn’t come at a better time. A recent Market Analysis Report on Digital Lending by Grand View Research expects the global digital lending platform to register a compound annual growth rate of 25.9% from 2022 to 2030 – from its current value of USD 5.84 billion in 2021. That’s a lot of opportunity to be had.

As financial institutions look for  ways to stand out in a crowded marketplace and consumers look to financial institutions for tools and services that put them in control of their finances – all without giving up freedom, personalization or control.  The emergence of solutions that combine AI, data and technology are making a difference.

 

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