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.

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

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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/

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