As digital lending continues to grow, firms are looking for ways to make their services more efficient and profitable to both lenders and borrowers. Process automation followed by Machine Learning and Artificial Intelligence makes operations error-free and real time. But, when it comes to AI Implementation, many lenders don’t have an idea where to even begin, what steps need to be taken to prepare for implementation, and how will customers benefit?
AI implementation: 5 quick steps
Although the significance is clear, dipping your toes into AI can be a daunting task. It requires a combination of data, technology, infrastructure, talent and vision. Here are 5 easy steps to integrate Machine Learning and AI in to your existing services.
Get familiar with AI: The very first thing you must do is to understand whether you need AI in the first place. Familiarize yourselves with the basic concepts of AI. Learn and understand how this technology can help solve your business problems in an easy and scalable way. Research other businesses already using AI and Machine Learning to determine parallels.
Identify the problems to be solved by AI: Once you have a fair idea about AI, next step is to think about how you can add AI capabilities to your services. Identify specific use cases in which AI could solve business problems. It’s vital to set forth a defined goalof what you’re hoping to attain by using AI
Choose a platform: Choose the right platform that best suits your requirement and budget. Microsoft Azure Machine Learning, Google Cloud Prediction API, TensorFlow, Infosys Nia are some of the top AI platforms.
Have the right team in place: Set up a team with excellent data science and technical skills to handle AI technology. This you can do either through training internal staff or hiring an external AI vendor.
Implementation and action: After the above steps are taken, an AI solution can then be regularly implemented.
Now it’s time to set sail and conquer the high seas of AI.
AI to reshape lending industry
Today, AI has come to play an integral role in many phases of the lending arena, from approving loans, to managing assets, to assessing risks. AI goes much beyond the binary world of lend-don’t lend decisions. It can improve customer personalization, identify patterns and connections that humans can’t, and answer questions in real-time. AI offers tremendous opportunities to revolutionize operations in the lending sector. Machine Learning can process terabytes of data in seconds, which humans could not process in a lifetime. On the flip side, AI can also match business owners with the right lender. AI analyses and authenticates users’ transactional data, and income verification and spend analysis helps highlight risk factors used for a richer credit scoring experience. This will reduce the risk of default and increase borrowers’ financial profiling. It can also help automate parts—and maybe all—of the process
AI implementation made simple with Insight Consultants
Insight Consultants specializes in digitizing the lending ecosystem. From general to specialized, prime to sub-prime, we have helped organization evaluate data structures and availability, free up information from siloed systems, and identify the richest areas for machine-fueled insight and improvement. We can help you provide actionable advice to begin an AI initiative with the right approach and perspective. So, if you are looking for ways to harness the power of machine learning and AI for your business, or would just like to know more, Contact Us or can also request a FREE CONSULTATION by filling the form
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