Source reports on the operational costs associated with loans and how automation and artificial intelligence (AI) can help reduce those costs; automation can now replace manual processes such as credit checks, data consolidation, onboarding, loan documentation, know your customer and more; robotics and AI are also assisting in risk analysis for SMEs; additionally, machine learning solutions have also been evolving to evaluate thousands of data points from various sources; as these solutions evolve, banks too will need to integrate greater automation to stay competitive. Source
