Augmented, not Artificial Intelligence: How lending tech makes underwriters’ jobs easier, not obsolete

Augmented, not Artificial Intelligence: How lending tech makes underwriters’ jobs easier, not obsolete

14 May 2021 by John Brehcist

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Should risk professionals in the lending industry fear AI?

In this article,  Jane McNamara, Product Manager, Trade Ledger, looks at whether the threat is real, the potential for better decisions around risk, how this fits with the culture in our sector, and the potential benefits for lenders and their underwriters.

Almost 100 years ago, British economist John Maynard Keynes predicted that, by 2030, we’d all be working a 15-hour week, with the bulk of our financial problems solved through exponential increases in tech-fuelled productivity.

Drawing on the realities of the Depression era, he also wrote about the fear of ‘technological unemployment’ – where technology destroys jobs faster than new uses can be found for labour – an issue as relevant today as it was in 1930.

While Keynes considered this to be a transition to the next phase in societal development, it’s very painful for the individuals affected by it, even temporarily.

Since technology started transforming our society, people have been caught between these two opposing forces: the fascination, optimism and promise of tech-driven growth, and the fear that it might make us obsolete.

Read Jane McNamara, Product Manager, Trade Ledger on how this applies to AI and its potential impact. See her fascinating article via this link: https://hubs.ly/H0NlgQV0 

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