How AI, Machine Learning & Digital Processes Can Allow Banks to Help Farmers Through Tough Times
By automating the onboarding process and standardizing underwriting and risk assessment, banks can approach ag lending with speed, efficiency and lower risk.
by Jim O'Brien
July 12, 2022•
1 min read
From rising inflation to long-term drought, the USDA is forecasting that 2022 net farm income will decline by nearly $10 billion, or 8 percent from the prior year. As a result, American Banker reported that ag bankers believe farmers will need to borrow more to cover higher costs. Farmers need access to capital quickly, presenting an opportunity for banks to tap into a new market – This is especially important for banks as mortgage and auto loan applications continue to plummet.
But to be competitive, banks must speed loan decisioning while also balancing risk – two things banks have struggled with in ag lending.
In this issue of Bank Business News, Jim O’Brien discusses how banks must take a different approach to this market.
Read the full article here!