In 2024, nearly 70% of financial services firms reported AI-driven revenue growth, with investments in AI reaching approximately $45 billion, an increase of 28.6% from 2023. To maximize this potential, technology providers are focusing on the equipment finance sector, leveraging insights from lenders and dealers. Shivi Sharma, co-founder of Kaaj.ai, highlights the importance of addressing lenders’ challenges through AI-driven solutions for small business lending, facilitating automation and data-driven decisions. Similarly, Northteq’s Aurora IDP aims to streamline dealer finance operations by automating data extraction, significantly reducing decision time. Both firms emphasize understanding lender pain points to improve existing systems rather than implementing drastic changes, ensuring successful adoption with minimal disruption. As fintechs continue to evolve, industry players are urged to keep communication open with lenders to optimize solutions and alleviate burdens on their teams, especially as small-business lenders operate on thin margins. For more insights, check out our exclusive industry data.
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