Technological Advancements and Challenges
While debates on trivial matters persist, the lending industry is focused on refining its technological arsenal, eliminating outdated tools, and exploring innovative solutions like Borrower Monitoring, AI Processing, DPA, and Verification Tools.
Notably,
AI companies are paying people to fold laundry in front of robots so they can learn to do household chores, highlighting the ongoing quest for automation. Meanwhile, the history of robotics dates back to the French innovations 250 years ago.
However, the rise of technology also brings new challenges, such as crypto scams, which have led to significant financial losses for Americans, including potential borrowers, at crypto ATMs.
Author's summary: Technology advances amidst scams and innovations.