Smarsh collaborates with AWS to deliver compliant AI adoption in regulated industries

This partnership between Smarsh and AWS is a major signal that AI tools for consumer financing are becoming safer for retail operators to use. For a long time, lenders and merchants have been hesitant to use advanced AI because of strict financial regulations regarding data privacy and communication records. This collaboration creates a compliant framework that allows businesses to use AI for customer interactions and data analysis without running afoul of regulators. For your business, this means the 'compliance hurdle' for adopting new financing technologies is getting lower. In the near future, expect your financing partners to roll out smarter, faster automated underwriting and customer service chatbots that are fully sanctioned by legal departments. This technology helps ensure that every offer made to a customer is documented and archived according to federal standards. It reduces the risk of manual errors in the financing process and protects your business from the fallout of non-compliant communication. As AI becomes more integrated into the lending back-office, you can expect quicker approvals and more seamless digital applications for your customers.

Source: Finextra — Lending

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