Who should drive a bank's AI adoption

Artificial Intelligence is no longer just a buzzword for big banks. It is becoming a core tool for how lenders evaluate your customers and approve applications. This report outlines that for a financing program to be successful, AI adoption must be led by business goals, not just IT departments. For retailers and operators, this means the 'black box' of credit decisioning is getting more sophisticated. When your lending partners adopt AI, it should lead to faster approvals and more personalized financing offers for your shoppers. However, the report warns that technology for technology's sake fails. The most effective lenders are those where senior leadership ensures AI tools actually solve human problems, such as reducing the time a customer waits at a terminal or improving the accuracy of a pre-qualification tool. As an operator, you should ask your financing providers how they are using AI to improve the merchant experience. Are they using it to catch fraud faster? Are they using it to approve more 'thin-file' customers who would otherwise be declined? The shift toward AI-driven banking means your financing program will likely become more automated and data-driven over the next 18 months. Ensure your partners are prioritizing user experience over back-end complexity.

Source: American Banker — Top News

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