Financial Firms Put AI to Work Across 27 Tasks, Study Finds

Artificial intelligence is no longer a futuristic concept for your financing partners; it is now deeply embedded in how they handle your customers' applications and accounts. A new study shows that financial firms have reached high adoption of AI across 27 core tasks, primarily focusing on 'back-office' operations that impact the speed and accuracy of lending. For retailers, this means the lenders you partner with are becoming significantly more efficient at processing data behind the scenes. The most successful applications of AI are currently in fraud detection, risk assessment, and document processing. When a lender uses AI for these tasks, it often results in faster approval times at the point of sale and more accurate credit decisions. This reduces the friction your customers face when trying to secure financing for a purchase. While customer-facing AI like chatbots is still evolving, the real power today lies in how these tools help lenders spot fraudulent applications before they affect your bottom line. As these firms continue to automate complex data analysis, retailers can expect more consistent lending decisions and potentially higher approval rates for borderline applicants who might have been rejected by traditional, slower underwriting methods.

Source: PYMNTS

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