How artificial intelligence is disrupting the lending industry

Even though the banking industry has changed drastically, there are still leaps and bounds of improvements to be implemented across the board. The simultaneous processing of different algorithms to establish patterns in consumer behaviours and the ability of computers to extract data from documents to answer questions will further minimise the input required from humans to complete a range of banking transactions. Instead of focusing on form completion and transferring data, mortgage underwriters will be available to spend more time examining loan applications and credit assessments at a higher level. Ultimately, this means that decisions to extend credit will involve less risk and be available to more worthy borrowers.