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American Financial Services Association

July White Paper | AI

July White Paper | AI

Last week, AFSA’s State Government Affairs team released its July white paper. This month’s white paper dives into artificial intelligence.

AI and algorithms are transforming industries like financial services, 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 on the SGA resources section of AFSA’s website.

July 10th, 2024

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