Posted on | by news-summaadvisory

Generative AI can be a goldmine for lenders in 2024

Every day your customers provide you with information. Every phone call, email, chat, and text conversation can give you real-time intelligence into what is top of mind for your customers. But only if you know how to mine this information.

With the recent advances in generative AI we now have that capability.  A new white paper from Prodigal and Fintech Nexus shows how lenders can use this real-time data to take appropriate actions to serve their borrowers better.

Generative AI with expertise in consumer finance changes the game. It has been trained on over 300 million customer interactions like the ones you have with your customers every day. It understands the context and the content of every interaction and can gauge sentiment beyond just “I’m mad”.

It can analyze data across channels and it will learn as it goes, improving with each interaction.

The white paper details will show you how to:

  • Get a six-month jump on the competition by using current information instead of waiting for credit scores to update
  • Find common patterns in delinquent accounts so you can spot the warning signs and act before customers go south
  • Accurately identify and capture complaints so you can develop self-service tools to address customer concerns
  • Optimize communications with the right message via the right channel at the right time to the right accounts

Lenders can increase revenue and decrease costs while at the same time reducing risk, and this white paper provides detailed examples of how the AI engine works.

We expect that 2024 is going to be the year when generative AI comes to consumer finance. You don’t want to be left behind, so download the white paper from Prodigal today.

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