Canadian Lender iCASH Is Using AI And Machine Learning To Provide Financial Assistance During These Critical Times

Artificial intelligence is being integrated into various financial institutions and Canada-based lender iCASH is at the forefront of AI adoption. iCASH utilizes machine learning technology for data analysis, particularly to determine credit worthiness, streamline loan processes, and improve customer experience for its borrowers. AI serves as a bold addition to iCASH's vision of providing accessible loans for those in need of financial help for a variety of emergencies. In this article, the role of artificial intelligence is discussed, followed by a rendering of iCASH artificial intelligence in the lending process. The article also details the benefits of machine learning technology that provides seamless, safe, and secure instant cash loans.

Artificial Intelligence In The Lending Industry

Artificial intelligence in the lending industry is utilized in several technology portfolios, the most notable of which is the use of machine learning. Machine learning technology entails programming computers for data analysis, pattern identification, generating classifications, and predicting future outcomes. Machine learning systems are capable of increasing their accuracy over time, and can work with or without human intervention. According to Business Intelligence and Analytics, lending institutions utilize machine learning for three things:

• Determine credit worthiness, especially for those with little to no credit scores

• Streamline the loan process

• Improve the customer experience for borrowers

Determine Credit Worthiness

Credit scores are traditional gauges of loan eligibility; however, these can restrict loans to only those with good or exceptional credit scores, leaving the so-called "thin-file borrowers," such as millennials or those living in China and Africa who have no credit history inadmissible for instant cash loans. Younger adults or the so-called millennial generation now compromise the majority of prospective borrowers seeking loan approval. Unfortunately, most of them do not have a credit history.

In order to facilitate loan requests, lenders now turn to "alternative data sources" such as education, SAT scores, GPA, field of study and job history for underwriting. In the case of newly opened markets such as China and Africa, where middle-class people have little or no credit scores, machine learning feeds information into a platform regarding their internet access, mobile devices, payment systems, and geolocation as supplements to their credit score. In a way, machine learning creates a means by which eligibility is not only tied to credit scores but tailored to the individual circumstances of the borrower.

Streamline The Loan Process

Automation is key in today's lending environment. It is vital in speeding up the loan process by reducing underwriting overhead and delays, and to eliminate bias. Some companies have undertaken full automation of their loan process in which machine learning applies algorithms to certain variables for loan processing and approval. AI accelerates the loan process, allowing borrowers to get feedback from their application and eventual approval within minutes.

Improve Customer Experience For Borrowers

Customer support is essential in any business. In the lending field, AI is employed through chatbots, which act as financial advisers that provide customers with recommendations regarding how they can spend and save money, or even suggest potential investments. Chatbots now comprise finance and lending customer support services, offering financial insights on daily spending and even suggesting ways on how to pay off loans faster. On the lender side, artificial intelligence and machine learning provides ways to gain feedback regarding their services and employ these to improve borrower experience. To reach more customers, AI also serves as an analytic advertising tool.

Artificial intelligence and machine learning prove to be beneficial systems in handling and interpretating data. It collates information from a variety of resources, automates the loan process, and handles real-time customer support.

Most lending companies have employed AI in their systems, and iCASH is not an exception. In the next section, the role of artificial intelligence and machine learning on iCASH is discussed, as well as AI's role in extending financial assistance to eligible Canadians.

iCASH on AI

iCASH is a licensed Canada-based online direct lender that started its operation in 2016. The online lending platform provides short-term loans ranging from USD$100 to USD$1,500 with a maximum repayment date of up to 62 days. Loan applications are processed on their website and through its mobile app with minimum requirements and adaptable loan repayments. iCASH loans include Payday Advance loans and FlexPay loans, the main difference being repayment for Payday Advance comes on the next payday, while FlexPay repayments are staggered into two or three payments. Its clientele is found in several Canadian provinces: Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia and Prince Edward Island. It is earning positive reviews for its accessibility and flexible terms.

As an innovative lender, iCASH uses AI and machine learning in all of the above-mentioned facets of lending—determining credit card worthiness, streamlining the loan process, and improving customer experience for borrowers.

For instance, the Canadian-based lender determines credit worthiness using not just traditional credit scorecards, but also pulls information from subsequent data sources such as social networks, mobile devices payment systems and internet activity. It then utilizes these to predict a prospective borrower's ability for repayment. iCASH also offers automated loan processes with minimal requirements and instant evaluation. Its customer support also uses chatbots on standby 24/7 to answer whatever queries borrowers may have regarding their loan status or repayment schedules. iCASH serves to consolidate data and utilize AI for all of its lending procedures.

Financial Assistance In Critical Times

iCASH recognizes the need for instant cash during crucial times, such as home repair, unexpected payments, school requirements or medical emergencies. In these critical and often time-sensitive situations, the Canadian online lender provides instant cash loans in the forms of PayDay Advance and FlexiPay loans with amenable interest rates and flexible repayment schemes. It also ensures that eligibility is provided to those who may not have credit histories or suffer from bad credit, thanks to its machine learning technology that collates borrower information from alternative sources to predict repayment ability. Aside from offering quick loans, customer service through chatbots also offer sound advice regarding personal spending, helping customers to bounce back from their finances and provide them with tools necessary for greater financial independence.

Wrapping Up

In conclusion, AI and machine learning has broadened the base for loan eligibility and has paved the way for underserved customers to avail of loans for various financial emergencies. AI has fully automated the loan process, making loans more convenient from application to loan release. Customer experience is enriched by the use of chatbots that offer real-time support and sound advice. AI definitely has proven beneficial in the lending industry, both for borrower and lenders such as iCASH.