There’s nothing artificial about the intelligence First Financial Federal Credit Union($1.0B, Lutherville, MD) is applying to the new loan decisioning solution the credit union has created in-house.
The Baltimore-area cooperative is applying artificial intelligence and machine learning techniques to the new “Anytime Express” lending products it plans to launch this summer.
Michael Powers, the credit union’s chief innovation and strategy officer, says trial runs of the decisioning engine have resulted in similar, but much faster, results to those yielded by his shop’s traditional LOS software.
He says that’s especially true for applications that might not fit neatly into underwriting rules and otherwise would require human intervention, a capability that will improve as the system learns from its growing data store of credit scores and payment histories.
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