Artificial Intelligence (AI) has been getting a lot of attention lately. While many of us are still trying to wrap our hands around its many pros and cons, we would like to let you know how it’s affecting our business specifically.
Improving Customer Service—The AI chatbots can answer a number of customer questions quickly, correctly, and authoritatively. AI can also identify specific client needs and tailor products to assist them from the start, based on their preferences.
Efficiency—AI is all about automation, so as data is being presented and contracts are being prepared, the algorithms go to work to analyze the vast amounts of information provided. Credit decisions can be made much more quickly with a wider breadth of knowledge about the borrower.
Risk Management—AI can identify patterns that can reveal fraudulent activity, protecting lenders and borrowers alike. When lenders can mitigate their risk, it can only help the industry overall.
Equipment Maintenance—Internet of Things (IoT) devices are hardware that can connect and share data with other devices and systems over the Internet or other networks. They comprise sensors, software, processing ability, and other technologies. These devices can monitor the health of equipment (our collateral for the loan). This capability can predict necessary maintenance, avoiding equipment failure and downtime which can be costly to businesses.
Are you considering purchasing new or used equipment? Call us at 412 262-3225 to learn how we can help. We offer several financing programs for all types of borrowers.
We are Acceptance Leasing and Financing Service, Inc. We were established in 1992, which puts us in our 33rd year of business. We pride ourselves on our Certified Leasing and Financing Professional designation. We are a member of SBCA and a frequent attendee of the BCMC tradeshows. We can provide financing for any new and, regardless of age, used equipment.