Let’s Talk Numbers
The Times are A-Changing
Robo-Advisers for Better Decision Making
Customer Service – Time is Precious
Stepping up Conventional Credit Scoring System
Adopting credit scoring technology can decrease the non-performing loans by up to 50% while increasing the returns by up to 30% – which means better loan decision-making. Such technology works by creating models, verifying them to monitor their work, and then rolling them out to the market quickly. This implies companies are less likely to offer loans to risky clients, and customers can avail the services faster, receiving a response to their credit decision when they require it. The future is personalized, almost prompt loan decision-making.
Process Optimization to Cut Down Manual Work
In the following years, we will see advancements in these technologies and a thrust toward automating more systems such as answering customer inquiries, Big Data analytics, and report generation, which will offer more crucial insights into the business.
Security – An Existing Challenge
With nearly 9 out of 10 customers reporting that appearances are everything in terms of trusting a financial provider, companies have to stay updated regarding the recent security techniques and inform their customers about them. The next year will see an upsurge in AI and ML security solutions. Case in point, spotting aberrations in the patterns within accounts, examining documents for account registration (RegTech), and so on.