WASHINGTON, D.C. (RFD News) — Artificial intelligence is becoming a growing tool in agricultural lending.
Jennifer Roths, Head of Lending at West Monroe, told AgInfo.net that generative AI can help lenders process information more quickly and spend more time working directly with borrowers.
“It really helps them bring information together faster, quicker so they can provide insights and really help them get to know new borrowers and their current borrowers faster so they can have conversations with their borrowers that are more value add and to help them as opposed to just getting their cash statements to accrual statements, right? There’s certain things where that type of information that takes a lot of time and effort from a paperwork standpoint and a lot of information in large legal documents, collateral documents. Gen AI can actually take and just shrink that time, that processing time.”
Roths said some agricultural lenders have already been using machine learning and predictive AI for years.
