What Wells Fargo, Citi and Goldman Sachs’ CEOs are saying about AI

Major bank CEOs are signaling a shift in how they use Artificial Intelligence, and it will eventually change how you interact with your lending partners. Leaders from Wells Fargo, Citi, and Goldman Sachs are focusing on efficiency and risk management. For a retailer or operator, this means two things: faster updates to financing products and a higher bar for data security. Jane Fraser of Citi noted that AI is helping them launch products faster and cut down on vendor costs. This suggests that lenders may soon offer more customizable financing tools for merchants at a lower cost. Meanwhile, Wells Fargo’s Charlie Scharf highlighted using AI to better understand customers. You might see more personalized financing offers or better approval odds as their algorithms get smarter. However, there is a catch. Goldman Sachs CEO David Solomon emphasized the need for "human accountability." Banks are wary of AI making mistakes in lending decisions. As a result, while the tech will get faster, the compliance requirements for merchants will likely remain strict. Expect your financing partners to double down on security audits while simultaneously rolling out slicker, AI-driven credit applications for your customers.

Source: Banking Dive

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