A major goal of Upstart is to use modern data science to automate the loan process. They claim to have been able to rapidly increase the amount of loans they are able to fully automate and as as of the have reached 40 percent automation. While other companies have also automated some of the data entry, processing of paperwork, and verifying basic information most loan applications are still reviewed by a human underwriter before they can be approved. A human who checks that the information is accurate or the loan makes sense.
Upstart is a hybrid lender, which makes some loans directly and facilities loans for other lenders. This year it also started offering its technology to other companies via software-as-a-service.
Improving Customer Experience and Finding Customers
This section will look at only loan specific-uses of AI to attract and engage customers. Obviously, big banks along with a whole range of sectors are adopting general AI-powered tools such as chatbots, customer relationship management tools, and advertising analytics. (mehr …)