Identifying and following one target area is key for equipment finance firms looking to successfully increase their technology adoption.
“As you’re adopting all these new technologies, having a North Star is very important,” David Snitkof, senior vice president of growth at New York-based technology firm Ocrolus, said during a Sept. 24 panel at the B2B Finance Expo in Las Vegas.
“It might be accuracy, it might be speed, it might be cost, it might be customer experience, but it’s really good for your teams to know which one you care about most.”
AI equals efficiency
Efficiency is key in AI adoption, Preethi Janardhanan, vice president of client solutions at Bethesda, Md.-based Rapid Finance, said during the panel.
“For us, the North Star, especially as lenders, has been about efficiency,” she said. “The first word that comes to mind when you say ‘AI’ … is efficiency, whether you’re doing it in chatbots, whether you’re augmenting your workforce or whether you are preventing fraud with it.”
In fact, 93% of financial services leaders expect increased profits due to AI-driven productivity gains, according to a June report released by CitiGroup. Still, the financial services sector is only scratching the surface of what AI can bring to the industry, Snitkof said.
“The great promise of AI and non-deterministic computing is that we can take people out of these robotic roles, replace them with robots that are better at doing those, and then save humans to unleash creativity on the world and on our customers,” he said.
“We’ll look back in five or 10 years … and see everyone here has done a tiny, tiny fraction of what eventually will happen from using AI in financial services.”
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