Application of Artificial Intelligence in the Lending and Loan Management Process.

Loan Management is an important key component of banking and funding companies who are providing loans for users for financial needs. Incidentally, its use has continued to improve the institution’s gross loan risk, enhance profits on those chances and achieving audiences of opportunity. For both applicants and lenders, one of the main concerns is how fast the loan process can be completed. While lending and loan management is growing rapidly and there is a chance to grow Application fraud is a fast increasing problem around the system. Economic disaster has made increasing numbers of over-indebted people to deceive their criteria for credit. The lending industry has the potential to achieve massive operational and strategic efficiencies by implementing machine learning. Machine learning are transforming the financial industries by replacing the position of the human analyst and reducing the cost of errors. The Advanced technology, AI has created upon Machine learning, which identifies the frauds and deception over the workflow and fewer possibilities of mistakes and analyzing the thousands of documents.