Is AI changing the game for asset finance?

Analysis from Steve Taplin, Managing Director at Lendscape.

Artificial Intelligence (AI) has been around for many years, starting its journey in 1956. But with the release and accessibility of generative AI applications such as ChatGPT, the AI phenomenon has exploded across the globe.

In the financial services industry, the application of artificial intelligence (AI) and machine learning (ML) methods has the potential to improve outcomes for both businesses and consumers.

The UK financial sector is beginning to take advantage of improving software and hardware as well as increasing volumes of data, which have accelerated the pace of ML and AI development. This technology has the potential to make financial services and markets more efficient, accessible and tailored to consumer needs.

Sponsored by Lendscape, the technology session at the 2023 Asset Finance Connect Autumn Conference brought together a panel of industry experts including Martin Goodson of Evolution AI, Andy Trimmer of Simply, Katherine Meredith of Paragon Bank, Graham Lines of Novuna Business Finance and Lendscape’s Steve Taplin, to discuss whether AI technology will be a game-changer for the asset finance industry and the challenges the sector must face in adopting this new technology.

The accompanying summary and analysis of the interview can be found here.

The key points raised in the panel discussion focused on:

AI and ML can make the asset finance industry more efficient, accessible and tailored to consumer needs
AI is not about replacing humans and reducing costs, but about a partnership between technology and people
ML and AI raises questions around the availability and use of data, complexity of techniques and the automation of processes, systems and decision-making, and the need for costly specialist people skills
Industry collaboration would ensure there is enough good quality data to produce reliable AI solutions

Following on from the conference discussion, we asked Lendscape’s Managing Director, Steve Taplin, who moderated the technology session, to provide an analysis which can be found at https://www.assetfinanceconnect.com/webcast/is-ai-changing-the-game-for-asset-finance/