Fast, Safe, Friendly, and Humanly Connected By Antonio Gaspar (@AntoniomGaspar) One of the most significant sources of income in retail banking comes from lending, but that does not come without risk and time-consuming activities. In traditional retail banking specific processes need to be followed to make sure new business is acquired at acceptable risks levels set by each organization. Starting with the Financial Services Representative, passing to the underwriter, and ending in retail operations, all stakeholders play a critical role in getting a new deal mitigating risks. AI – Artificial Intelligence – could help not only to streamline this process but also to help gather crucial information in case no historical credit information is found. AI can highly increase successful lending in sales and from a credit management perspective by correlating a number of different indicators from account transactions, bill payments regularity, the average time between deposits and withdraws, variance and trend on month-end balances, along with behaviour from good or defaulted credit clients. A client who lost his job or got his regular hours reduced may face additional challenges to making the regular payments. To avoid defaulting and lengthy collections, AI could monitor income trends and suggest the client adjustments to its loan, mortgage, a line of credit, or credit card, as a relief solution instead of a punitive measure. Regarding digital advice, most of the standard questions can be easily addressed and answered properly, with proper context validation. For most digital adopting individuals this is an added value since call centres tend to be overloaded and frequently present clients with long waiting times. While AI can play a critical role in cutting a huge amount of time, the last stage in decision-making should be co-validated by human interaction. This presents advantages of security, empathy, and overall client experience – fast, safe, friendly, and humanly connected. Liked this post? We’ve got more coming! Sign up to our weekly newsletter to get the latest content straight to your inbox.