Carleton, a leader in loan calculation and disclosure solutions, recently released a nationwide survey on the adoption of artificial intelligence (AI) in loan compliance and error detection. The survey, targeting over 2,000 professionals in the lending, banking, auto finance, and fintech sectors, revealed a cautious outlook toward AI’s implementation. Only 27% of lenders fully trust AI for loan calculations, with 43% expressing skepticism. Although 43% of respondents believe AI can effectively prevent compliance errors, nearly 30% are doubtful. Compliance issues remain problematic, affecting one in five lenders regularly. Concerns about costly mistakes (26%), time-consuming deal finalizations (25%), and complex regulations (19%) were prevalent. Tim Yalich from Carleton emphasized the need for assurance that AI systems maintain accuracy and reliability akin to traditional compliance methods. This survey highlights both the potential and the significant trust gap in AI adoption within the lending industry, underlining the necessity for ongoing innovation aligned with robust compliance standards.
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