Bank of Ireland hires Citigroup's Prag Sharma as chief AI officer

Bank of Ireland has appointed Prag Sharma, a veteran from Citigroup, as its first Chief AI Officer. This move signals a major shift in how traditional lenders are prioritizing artificial intelligence. For retailers and merchants, this is a clear sign that the infrastructure behind consumer loans and credit approvals is entering a new phase of automation. What does this mean for your business? Expect credit decisions to become faster and more personalized. Banks are no longer just looking at AI as a back-office tool; they are embedding it into the core of how they lend money. As traditional banks catch up to fintech giants, the gap between 'old school' banking and 'instant' BNPL providers will narrow. This could lead to more competitive financing offers for your customers and higher approval rates as AI better identifies creditworthy buyers who might have been rejected by legacy systems. For operators, this hire underscores the importance of choosing financing partners who are actively investing in tech, rather than those relying on manual underwriting processes that slow down the point of sale.

Source: Finextra — Lending

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