Traditional finance is infamous for its slow and underwhelming processes. Loans used to take weeks of queuing, filling, and waiting. Investing and portfolio management used to take a dozen people to manage. But finance is taking a turn for the better. An OpenText survey of finance professionals cited by Business Insider reports that around 75% of big financial institutions use AI to strengthen their banking capabilities.

The same trend is happening with payday loans. AI is making payday lending more accessible and inclusive. Thanks to AI, you can now get a much-needed loan within minutes with any device with an internet connection without ever leaving your home.

#1. Automation

Artificial intelligence automates repetitive and straightforward tasks that humans take long and are expensive to accomplish. It makes jobs faster with higher effectiveness. It minimizes delays and spares companies and customers alike valuable time and resources.

#2. Credit Decisions

Lenders and lending companies check every loan application based on standards, weighing in many factors. Artificial intelligence makes this laborious process easier and faster compared to manual processing. Instead of loan officers evaluating a loan application for days, an AI can do it in milliseconds.

#3. Trading

Trading requires pattern recognition based on a massive amount of historical data. It is a challenging task for the human mind to consider all the moving pieces in trading. Artificial intelligence can analyze decades' worth of data and make more accurate predictions in real-time. With this, financial professionals can make sound trading decisions that save the market millions of dollars every year.

#4. Risk Management

Everything in finance is at some form of risk. In trading, clients risk losing money when the stock market prices fluctuate. One unpredicted and unmanaged risk can cost millions to billions of dollars in one go. AI that can predict, track, and cut risk in real-time protects the entire market from financial disaster and calamity.

#5.Cybersecurity & Fraud Prevention

Identity theft robs Americans of thousands of dollars in a matter of seconds. Artificial intelligence protects companies and customers alike from the countless scammers crawling the web. AI can recognize customer-specific behavior so that it can detect and report suspicious activity right away.

#6. Personalized Banking

Artificial intelligence customizes the banking experience to the user, making it more inclusive and enjoyable. It shows how banking is not one-size-fits-all and that there are many ways to plan, save and invest money, unique to every individual.

Artificial Intelligence in Online Payday Loans

Cash Loans Nearby is a prime example of an accomplished online finance company that uses AI. Valued customers can complete the short loan application and get approval within minutes: the supercomputers and high-functioning systems of Cash Loans Nearby power this process.

Instead of human minds, AI evaluates all the loan applications within milliseconds. It's a marvel that humans can only dream of doing in hours! As a result, it spares customers days to weeks of waiting time compared to traditional bank loans.

The founder of Cash Loans Nearby, Nick Wilson, is a well-seasoned loans officer. He founded and established Cash Loans Nearby in 2019. Since its foundation, Nick has built a strong team of experienced financial experts. Their main aim is to strive and work hard on making credit more accessible and affordable to all Americans.

Author:

Amanda Girard is one of the foremost writers and financial analysts at Cash Loans Nearby. With more than six years of journalism experience, mostly in the financial sector, her contributions to corporate finance communication have proven to be an invaluable resource to multiple organizations. Amanda is fiercely passionate about making the intricacies of the fiscal world easier to comprehend. She believes that through this, it'll be easier for people to make more financially sound and informed decisions. She's currently a resident of Miami, Oklahoma, and enjoys trying out new sports activities every chance she gets.