Backbase puts agentic AI in customers' hands

This update signals a shift in how your customers will soon interact with financing and loan applications. Backbase is rolling out 'agentic AI' for banks and lenders. Unlike basic chatbots that just answer questions, these new AI agents can actually perform tasks. For a retailer, this means the friction between a customer asking about financing and actually getting approved is about to disappear. The AI can now guide a customer through a loan application, verify their data, and resolve issues in real-time within the chat interface. For your business, this technology represents a move toward 'invisible' financing. If your lending partners adopt these tools, your customers will spend less time waiting for manual approvals and less time navigating complex portals. The AI acts as a digital concierge that handles the heavy lifting of the credit process. This leads to higher conversion rates at the point of sale because the transition from 'browsing' to 'financed' becomes a seamless conversation rather than a paperwork hurdle. Operators should look for lenders who are integrating these autonomous AI tools to ensure their financing experience remains competitive and user-friendly.

Source: Finextra — Lending

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