Artificial Intelligence And The Future of Digital Lending

To be a digital lender, banks and credit unions must do more than provide a digital app. Internal lending processes must be transformed to eliminate friction and unneeded steps, with artificial intelligence (AI) supporting proactive loan decisions. A great deal of discussion has surrounded the importance of building a seamless digital account opening process. As found in the Digital Banking Report, Digital Account Opening and Onboarding, progress is beginning to be made, as more organizations are allowing consumers to open new checking accounts online and on a mobile device. With the exception of a very few progressive banks and forward-thinking fintech firms, however, not nearly as much progress has been made in digital lending.