We’ve got Mike Lempner here, Head of Engineering and Technology at this cool company called Mission Lane. These guys are using some badass AI to make their business operations run smoother than a freshly shaved gorilla. They’re using AI for all sorts of things like credit decisioning, underwriting, marketing, and even tackling fraud. And let’s not forget about their customer services – they’re taking those to a whole new level too. This is some next-level stuff, my friends.
So, let’s kick things off by asking Mike about Mission Lane and his role as the Head of Engineering and Technology. Mission Lane is all about bringing financial services to people who have been denied access due to their not-so-great credit history. They use alternative and traditional data to underwrite and come up with tailored solutions for their customers. And guess what? Mike leads a badass team of technologists and software engineers who build all the tech solutions for credit decisioning, fraud prevention, marketing, and digital customer service. They’ve got their fingers in all the pies, my friends.
Now let’s get into the nitty-gritty of how Mission Lane is using AI in their day-to-day operations. These guys have been rocking AI and machine learning ever since they started. They’re using different models depending on what they need – you know, credit underwriting models have to be all explainable and fair, but other areas can benefit from different kinds of models. They even use this cool AI tool called ChatGPT to write code. They were able to analyze loads of data in no time with this thing. It’s like they’ve got an army of robots doing all the heavy lifting.
But wait, there’s more. Mission Lane also uses Generative AI for visualizing organizational changes. They used it to make a website that showcased their company structure and scenario modeling, all following their brand guidelines. And get this, it took them minutes to do it. Minutes, my friends! This is some crazy AI wizardry right here.
Now, you’re probably wondering how all this fancy AI stuff affects their customer services. Well, let me tell you, it’s a game-changer. By automating time-consuming tasks, Mission Lane has more time to focus on their customers and provide top-notch services. AI also helps them understand their customer base better and analyze trends like nobody’s business. They even used Generative AI to whip up a fancy SQL that organizes their customers in a table. It’s like having a superpower that helps them make informed decisions and keep everything running smoothly.
Now, we’ve gotta talk about the risks of AI, like fraud and bias. Mission Lane takes that stuff seriously. They make sure there’s no bias sneaking into their decision-making processes by closely scrutinizing both the inputs and outputs of their models. They also know that AI can be a wild beast when it falls into the wrong hands. Identity fraud and all that scary stuff is a real concern. But hey, Mission Lane is on it. They use AI to identify fraud and suspicious activities, both with their internal data and with the help of some awesome fraud vendors. It’s like having an army of AI detectives on their side.
So, how do you get your employees up to speed with all this AI goodness? Well, according to Mike, it’s all about education and clear communication. Tech leaders need to explain AI in simple terms and make sure everyone understands how it’s being used and how it benefits the business. And of course, employees need to know when it’s appropriate to use tools like ChatGPT and when to steer clear. It’s all about finding that perfect balance, my friends.
Now, let’s talk about regulations. AI is still a hot topic, and you can bet that regulations are on the horizon. Mike thinks most of the regulations will focus on data transparency, explainability, and eliminating bias. They’ll also probably set some rules on disclosure and limitations for what AI can be used for. It’s a work in progress, but Mission Lane is ready to adapt and make sure they’re on the right side of the law.
Last but not least, let’s talk about the impact of AI on financial services for the underbanked. Mission Lane sees AI as a game-changer for offering credit to more underbanked customers. They’re able to enhance their models and automate tasks, freeing up their employees to provide better and more tailored services. It’s all about giving their customers the attention they deserve and coming up with creative solutions to their financial needs. AI is taking Mission Lane to new heights, my friends.
Boom! There you have it. Mission Lane and their AI-powered revolution. It’s like they’re surfing the technology wave, carving out badass solutions left and right. AI is bringing financial services to those who need it the most, and Mission Lane is leading the charge. So, keep an eye on these guys, my friends. They’re changing the game one AI move at a time.