We asked ChatGPT to tell us “How AI can support commercial lending decisions”
Here’s what it said.
A pretty impressive response! We would agree with these points, but we would also add: improved customer experience, both speed and personalisation, and a broader risk management agenda, including regulatory and risk capital enhancements.
However, it is important to note that all of the above elements rely on data. Luckily, at Validis we get Financial Data. We enable businesses to upload their financial accounts in seconds. It’s only with access to live detailed financial data such as this, that AI can really turbo-charge lending decisions.
Beyond this, on the business lending side (esp. the larger end) we still believe that the most important benefit of AI is that it will allow humans to spend more time on value-add activities. So, yes, we believe in the power that smart automation, data and AI can provide; but they’re really just enablers.
Overall, we’re very impressed with ChatGPT and are exploring further use cases at Validis. We are only beginning to scratch the surface of the transformational power of this technology!
