Lenders are leveraging Generative AI (Gen AI) in five key areas to enhance the lending process: personalized customer experiences, enhancing models with new data sources, detecting and preventing fraud, operational efficiencies, and customer service. Gen AI, particularly Large Language Models (LLMs), is used to tailor loan offers, incorporate social media and psychometric data into decision-making, improve fraud detection, automate customer interactions, and streamline operations. A Forrester Consulting study for Experian highlights that despite the rapid adoption of Gen AI, it's vital to manage risks like bias and ensure transparency in AI decision-making.

Join for free to read