Emerging trends in retail lending

  1. Personalised customer interactions: AI chatbots, which learn with every customer interaction, can deliver a human-like, conversational customer experience using natural language processing and help reduce call-centre volume. Advanced AI-powered chatbots also give users personalised financial recommendations and customised guidance.
  2. Accelerated KYC and lending decisions: ML-enabled tools can scan and analyse documents such as identity and address documents, application forms, bank statements, pay slips, tax filings and invoices to verify borrower credentials and assess loan eligibility.
  3. Fraud prevention: AI-/ML-enabled bots process millions of transactions to detect suspicious loan applications, fake or compromised credentials, security breaches, gift card cracking and fake users. Advanced tools enable lenders to prevent hacking and cyberattacks, help with anti-money-laundering and detect sanctioned entities.
  4. Loan pricing: Data analytics can help measure price sensitivities and opportunities across borrower segments. Lenders can analyse how differential pricing strategies can impact volumes and margins, and design and market the loan product accordingly.

--

--

--

We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points. https://www.acuitykp.com/

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Announcing the Eight 2021 Render Competition Winners

Procter & Gamble Ukraine mixes profit with service

Top Financial Risk Management

New Technology, Transactional Customer Experience and The Next Chapter for The Hotel Industry

SQUIRCLE: The Future of Business Requires Reinvention

Zogics on Inc. 5000 List of Fastest-Growing Private Companies in America For Fourth Year Running

Stay Ahead of Your Competitors with Trucker Tools’ New Market Report

7 Steps to Get Started Selling on Amazon

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Acuity Knowledge Partners

Acuity Knowledge Partners

We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points. https://www.acuitykp.com/

More from Medium

Want to grow your tribe in 2022? Try shifting from pushy to cushy!

Hands On Guide to Intel® AI Analytics Toolkit

How our tech unlocks small business potential

How can Micro-fulfilment benefit your E- commerce business