Recent years have been marked by the active development of artificial intelligence (AI) in completely different industries, including banking and fintech. The use of AI allows you to improve customer service, analyze large volumes of data, identify trends, predict risks, improve decision-making processes, automate processes and perform many other useful functions. What is the hype surrounding the appearance of GPT chat, which can now be used in all areas, speeding up and optimizing your work.
For Alliance Bank, the main thing is the comfort of customers, saving their time and ensuring the most effective interaction, so we successfully use AI, improving our development strategy. Artificial intelligence has made it possible to accelerate access to products for many customers, automate internal processes and, as a result, increase the speed of service.
In particular, now, thanks to AI, we can make decisions about lending to individuals and businesses in seconds, even if they were not our customers before. Artificial intelligence also helps us optimize operational costs in the field of lending to individuals and small businesses - thanks to text recognition on documents and photos and the creation of credit files in electronic form, we serve customers much more efficiently.
In practice, you can experience the speed and simplification of the lending process right now if you purchase a product on credit from Foxtrot, where we have implemented creditworthiness assessment based on artificial intelligence. It is not only fast, but also as fair as possible. During the analysis, more than 200 characteristics are taken into account, which guarantees a personalized approach to each. It takes up to 10 minutes from the moment customers apply to receive the product in the Foxtrot network, of which the loan decision takes only one.
For customers of the Foxtrot network, Alliance Bank offers a commercial loan with a grace period of up to 6 months and an interest rate of 0.0001% per annum during the grace period and 32% per annum upon completion. The loan amount can be up to 100 thousand hryvnias, and the loan term is from 2 to 15 months.
In general, the use of artificial intelligence in banking in general and lending decisions in particular is a trend in the modern financial market. This approach allows us to provide the most comfortable level of service and save customers' time.
