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Generative AI — an ideal technology for mundane tasks — could help employees ease credit analysis.
Generative AI has flexed its chops across U.S. businesses as an assistive tool that can handle mundane and rote work tasks, like drafting emails, creating basic code and summarizing meetings. For banks, it holds great promise in helping employees become more efficient and accurate — an increasingly important objective driving technology spending at banks.
From application to approval, originating a loan requires numerous steps, including documentation, underwriting and credit decisioning. Banks should think about use cases and applications where this tech can assist employees with data analysis and drafting documents for internal use. It could also help banks enhance the credit function by detecting fraud within a loan application, and monitoring and managing the credit portfolio as the borrower or environment changes, according to Evident AI, which benchmarks and tracks AI adoption across the financial services sector.
“AI excels at handling extensive data sets and time-consuming tasks but aside from time savings, these efficiencies don’t inherently provide a unique competitive advantage for the bank,” says Joe Ehrhardt, CEO and founder of Teslar Software, a lending process automation platform. “The real difference maker is that AI can quickly provide a detailed understanding of the data, enabling you to make better, more informed decisions without the usual time investment.”
To learn more about how banks could leverage AI to streamline credit decisioning, download the report, sponsored by Teslar Software, here.
The Generative AI Insights report was originally published in the 1st quarter 2025 issue of Bank Director magazine.
