OpenAI Hands Banks a Shortcut Around Billion-Dollar Core Rewrites

For decades, the biggest hurdle to better consumer financing has been 'legacy systems.' Many lenders still run on code from the 1970s. This is why getting a simple loan approval can sometimes take days instead of seconds. Traditionally, fixing this required billion-dollar 'core rewrites' that usually failed. OpenAI is now providing a shortcut. By using AI as a bridge between old green-screen terminals and modern web apps, lenders can automate the data transfer that used to require a human manual entry. For retailers and operators, this means the lenders you partner with can move much faster. You can expect quicker integrations between your point-of-sale system and the lender’s backend. It also paves the way for more personalized financing offers. If the lender's AI can 'read' a customer's entire history instantly, they can approve more specialized credit lines without the administrative overhead that usually kills thin-margin deals. This technology effectively turns slow, analog banks into nimble fintechs without them having to replace their entire infrastructure.

Source: PYMNTS

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