As we continue to push the boundaries of what AI is capable of doing for businesses, we’re finding that its power is multiplied when it works alongside a human worker. Those who think AI will replace humans may push back, but the evidence is clear.
Some state governments are already mandating that humans stay in the loop when mortgage lenders use AI. Andrew Martinez wrote about this recently in National Mortgage News. We expect to see other states passing similar laws in the near future.
In effect, the law passed in Colorado holds lenders responsible for misinformation given by AI. Unlike human workers who have been trained on mortgage compliance, AI doesn’t have any significant fear of providing the wrong answers to a prospective borrower’s questions.
It’s not just the information AI provides that can get a lender into trouble, it’s also the decisions it makes. This has been a fear of many in government for years now.
As early as 2019, Texas Congresswoman Sylvia Garcia cited experts in a press release who testified that artificial intelligence contributes to discrimination in lending.
But it doesn’t have to be so.
An AI-Human Partnership for Better Lending
Scott Schang, Chief Data Scientist for Redefining Business Intelligence said, “Everybody seems to think that AI is just going to do the job for them. It absolutely will not.”
But it can be a good partner. In fact, Schang uses generative AI every day as part of his work producing RBI Playbooks to help lenders stand out from their competitors. But working alongside AI is very different than just uploading a prompt and expecting it to do the work.
This has already been shown to be a problem in HR departments around the country, where workers have used AI to narrow down high numbers of job applicants to reduce the loan on human interviewers.
There may be some data that companies look for specifically that they dismiss quickly. For now, AI enables PEOPLE to be more creative as they can leave some of the repetitive work to AI.
Keeping the Humans in the Loop
The answer, according to Schang, is to pair up AI agents with human staff. This makes humans better and faster at their work at the same time it keeps AI in line and clear of compliance violations.
How that happens will depend upon the company and the part of the business that they expect to benefit from AI.
At RBI, for instance, sophisticated prompt engineering allows AI agents to amass large data sets and then process that data for human business analysts. The analysts can then check the AI-generated insights to ensure that the computer’s reasoning is free of hallucinations and based on reality.
“AI absolutely assists humans with efficiency, quickly researching and bringing clarity in helping bring the best options,” Schang said, “But turning AI loose on your business is a sure way to get into trouble with government regulators. We may be some time away from autonomous AI agents, at least in financial services. But that doesn’t mean that businesses operating here won’t benefit greatly from generative AI. RBI clients are a perfect example.
To find out more about how RBI uses AI to provide marketing intelligence that you can use to beat your competition, reach out to us today.
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