Bank of America's Moynihan touts 'good economics' of AI

Bank of America is betting big on AI to change how it handles consumer lending and customer service. For retailers and merchants, this signals a shift in how big-ticket lenders will manage your customers' applications and support. The bank reports that its virtual assistant, Erica, and broader AI integration are driving major productivity gains. This means faster loan processing times and more automated customer interactions at the point of sale. If you use major banking partners for your consumer financing programs, expect to see more automated underwriting. CEO Brian Moynihan noted that AI is helping the bank manage more volume without adding staff. For an operator, this should eventually translate to smoother credit decisions and fewer manual hangups when a customer is trying to close a deal. The bank is also using these tools to analyze consumer spending habits more closely. This could lead to more personalized financing offers for your customers based on their actual banking data. However, it also means your staff might interact with bots more than humans when troubleshooting financing issues. The bank is prioritizing efficiency to keep costs down. You should monitor how these automated tools affect your customer's journey. High-tech shouldn't mean high-friction during a big sale.

Source: American Banker — Top News

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