Why picking the right AI-credit decisioning partner matters
AI and enhanced lending practices go hand-in-hand — the technology you choose to implement will make the difference for a better underwriting experience
As financial institutions continue to evaluate AI underwriting solutions to incorporate into their lending strategies, recognizing the distinction between vendors and true partners in innovation is more important than ever. While a vendor offers a technological solution, partners additionally provide ongoing support in strategizing, ensure compliance is held to a higher standard, and align with organizational values.
So, you know what you get when you pick the right AI underwriting partner — but why does it matter that you find the right one? Ultimately, it’s because you want to run your business better, faster, and more fairly.
ISO: data scientists and AI experts!
In today’s world, filled with every kind of AI start-up imaginable, it can be pretty difficult to find (and hire) AI experts and data scientists. In fact, in a report on the state of AI in financial services, NVIDIA found that one of the top challenges, at 36 percent, for lenders was recruiting and retaining data scientists. And that’s the institutions that can afford to hire data science teams — a data scientist’s salary can rival that of doctors and other medical practitioners. Small or even large lenders may not have the capital to invest in subject matter experts, and they certainly don’t have the time to create the necessary technology when, if you don’t mind a simile, the US has already landed on the moon.
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