The mortgage lending sector is experiencing a significant revolution driven by advanced technologies like artificial intelligence (AI) and machine learning. These cutting-edge technologies hold immense potential to revolutionize the lending process.
However, alongside the benefits, there are also valid concerns surrounding the potential implications for human employment and the need to mitigate bias and discrimination in AI-driven decision-making.
In an interview with the BBC, Margrethe Vestager, who is the European Commission’s executive vice president, emphasized the importance of implementing “guardrails” to address the significant risks associated with technology, particularly in the context of artificial intelligence (AI).
She highlighted the need for such precautions, especially when AI is involved in decision-making processes that directly impact individuals’ livelihoods, such as determining their eligibility for a mortgage.
How is AI benefiting Mortgage Lending Industry?
1. Better customer experience: AI enables personalized customer experiences, allowing mortgage advisors to understand customer needs better and enhance their overall experience.
This article has been indexed from CySecurity News – Latest Information Security and Hacking Incidents
Read the original article: