Exclusive research: Citi is redesigning 100 processes. What’s stopping others?

This news highlights a major shift in how lenders process credit applications and manage customer workflows. Citi is currently redesigning 100 internal processes from the ground up to integrate AI. However, a new study shows that most other financial institutions are failing to keep up. Only 13% of banking professionals report that their companies are actually redesigning workflows to fit new technology. Most are simply trying to bolt AI onto old, clunky systems. For retailers and operators, this means the 'tech gap' between top-tier lenders and local banks is widening. If your current financing partner isn't redesigning their backend, you will likely continue to face slow approval times and friction at the point of sale. Modern lenders who embrace 'end-to-end' redesigns can offer smoother customer experiences, faster funding, and higher approval rates through better data analysis. As a merchant, you should be asking your financing partners how they are updating their internal workflows. A lender still using legacy processes will eventually become a bottleneck for your sales team. Look for partners who prioritize automated, AI-driven workflows that reduce the time your customers spend waiting for a credit decision.

Source: American Banker — Top News

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