Last week, AFSA’s State Government Affairs team released its July white paper. This month's white paper explores artificial intelligence.
AI and algorithms are transforming industries such as financial services by enhancing operations and benefiting consumers. They may improve payment systems through better fraud detection, more accurate underwriting, enhanced customer data analysis, and automated customer service. In credit underwriting, algorithms can reduce human error and bias, leading to faster, fairer, and more cost-effective credit decisions based on applicants’ creditworthiness. Automation can streamline the entire credit approval process, from data collection to final loan decisions, offering widespread benefits.
This paper, along with SGA’s other white papers, can be found in the SGA resources section of AFSA’s website.