Where is this online lender using AI? Everywhere

The online lender Enova, which has been using artificial intelligence to make credit decisions for years, has lately been expanding its use of AI to handle additional tasks: spotting fraud, determining who should receive product offers, and projecting possible losses once a loan is booked. Most recently, it has also been been having AI scour paper documents to uncover false information, verify income and employment, and conduct know-your-customer checks. It also sponsored a survey, conducted by Harvard Business Review and set to be released Thursday, that benchmarks how businesses are using AI. Generally speaking, it finds companies are adopting AI slowly: though 68% of executives say AI will be a competitive differentiator within the next year and 64% are investigating or piloting AI projects, only 15% of organizations have AI-powered analytics in place due to technical and cultural challenges. In its back office, Enova has been training AI engines to review documents such as bank statements and pay stubs and automating decisions based on the information in those documents.