Technology and Lending: A Changing Landscape
Lenders are continually updating their technology, eliminating outdated tools and adopting new ones, such as borrower monitoring, AI processing, and verification tools.
Meanwhile, AI companies are working on teaching robots to perform household chores, including folding laundry, in an effort to advance their capabilities.
Robots and automatic machines aren’t new (the French were cutting edge 250 years ago).
However, the rise of technology has also led to an increase in scams, with Americans losing millions to scammers at crypto ATMs.
Crypto scams have drawn in many individuals looking to make money, often without regard for the victims.
Author's Summary
Technology advances bring benefits and drawbacks, including increased efficiency and new scam opportunities.