THE BENEFITS OF AUTOMATING THE LENDING PROCESS THROUGH ARTIFICIAL INTELLIGENCE
Abstract
The automation of the lending process through artificial intelligence (AI) represents a significant advancement in financial technology, promising enhanced efficiency, accuracy, and customer satisfaction. This article explores the multifaceted benefits of AI-driven automation in lending, examining its impact on operational efficiency, risk assessment, customer experience, and regulatory compliance. Through an analysis of current implementations and future potential, we highlight how AI is transforming the lending landscape, offering a competitive edge to financial institutions while fostering greater financial inclusion.
Keywords
Artificial Intelligence (AI), Lending Process, AutomationHow to Cite
References
Financial Conduct Authority. (2020). "The impact of artificial intelligence on the financial industry."
McKinsey & Company. (2021). "AI in banking: A practical guide to transforming the lending process."
World Bank. (2021). "Financial inclusion through digital technologies: The role of AI in expanding access to credit."
Deloitte. (2020). "AI and the future of financial services: How artificial intelligence is reshaping the lending industry."
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Copyright (c) 2024 Yusupova Hurliman
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