NAB rolls out conversational AI; creates AI cybercrime hub

Large lenders are rapidly moving toward conversational AI to manage customer data and combat fraud. National Australia Bank (NAB) is the latest to deploy a system that allows staff to query complex lending data using plain-English questions. For the everyday merchant, this signals a shift in how your financing partners will interact with your account. Expect lenders to offer you faster insights into customer approval trends and portfolio health. Instead of digging through spreadsheets, you may soon be able to ask a bot why certain credit applications are being declined or which financing programs are performing best in your store. However, this technology comes with a warning. NAB is also launching a dedicated cybercrime hub to fight AI-driven fraud. As AI makes it easier for lenders to process data, it also makes it easier for bad actors to create sophisticated identity theft schemes. If you offer point-of-sale financing, your staff needs to stay vigilant. The same tools that make financing faster are being used by criminals to spoof identities. Expect your lending partners to roll out more frequent security updates and multi-factor authentication requirements for your merchant portal as they fight these 'AI-enabled' threats. Efficiency is increasing, but the barrier for security is also getting higher.

Source: Finextra — Lending

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