Last year alone, the commercial loan industry saw a 14% increase in volume, but with this rapid growth has come higher loan origination costs, and lower potential revenue returns. This is due to the addition of more people to cover the increase in applications, coupled with inherent human error. What can be done to automate the process, and what are the benefits?
Our industry experts Tim Scholten, President of Visible Progress, and Paul Mackowick, General Manager of Financial Services at Evident, discuss how applying machine learning to the insurance verification process for commercial lending can:
- Lower cost structures
- Increase loan approval velocity
- Set up the lender for successful use of AI in the future.
In this 30-minute webinar, our experts will cover:
- Where are lenders losing money in today's loan origination process?
- What steps in the process can benefit from automation today?
- How does automation help your Bank avoid false positive force-place insurance?
- How could the origination process be streamlined by applying AI?
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