Innovative Technology, Expanding Data, and AI: Changing the Way We Lend
The business of lending money is changing – quickly. Modern technology, backed by expanding data and the soaring adoption of advanced analytics like AI/ML, is changing the way the industry determines who receives credit.
According to IDC, tech spending on AI systems is expected to increase to $27.7 billion in 2025 (from $11.7 billion in 2021).
Check out IDC’s recent Technology Spotlight, focused on the way technology advancements and new data sources, including alternative data, are pushing the boundaries of borrowing.
- How AI, along with new and varied data sources, enables more accurate risk decisioning
- Ways borrowers, including unbanked/underbanked consumers, benefit from AI-powered risk decisioning, including faster onboarding and an enhanced customer experience
- How lenders can ensure higher loan approval rates, improved fraud detection and reduced credit losses