Banking on ChatGPT – Why generative AI will be good for commercial lending

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Ever since its launch in November 2022, OpenAI’s text-generating artificial intelligence (AI) chatbot, ChatGPT, has been making headlines as a revolutionary technology. But with business use of AI growing all the time, what makes ChatGPT and other so-called
generative AI tools such good news for commercial lending?

The story so far

Previous incarnations of AI have played a significant part in the increased automation of commercial lending processes . Machine-learning AI tools in particular are highly effective at extracting the right data from credit applications for digital…

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