How AI is transforming Credit Unions Tony Wyley, Metamo Head of Lending

The Irish Tech News Podcast

As digital transformation becomes more and more part of our daily working lives, AI is now been seen as a key component. AI is working in the background doing mundane tasks allowing workers to do what they do best. AI can make decisions in an instant and also ensures that less errors are made. One company that is using AI to help Member Credit Unions as they embrace digital transformation is Metamo. Ronan talks to Tony Wyley, Head of Lending at Metamo.

Tony talks about his background, what Metamo does, AI, their new Personal Lending Automation System, and more.

More about Metamo:

Metamo has recently launched its new Personal Lending Automation System in Cara Credit Union, with the technology due to be introduced to other Metamo Credit Unions in the months ahead. Utilising leading edge technology, it will analyse insights from the credit union’s past loan data in conjunction with Open Banking, CCR and Standard Underwriting Rules to deliver fast, efficient, and consistent personal loan decisions.

This new and unique loan decisioning system has been developed as credit unions are expanding their member services range to include online and mobile access, payments and SME/Agri facilities, and is expected to increase credit union efficiencies, enhance member experience and facilitate business growth. This new system brings together a range of technologies including Fern Software's Quantum AI Loan Decision Engine, Salesforce's Artificial Intelligence Engine, Einstein, and Plaid's Open Banking API.

The tailored combination of these platforms facilitates the rapid processing of loan applications, by bringing together existing loan application technology, data analysis of a Credit Unions existing loan books, and the financial history of loan applicants, all within the one data set. This allows for the delivery of a new sophisticated loan processing system that surpasses the technology that is used in current loan processing methods across banks and other financial institutions. The automated decisioning service has been purpose built by Metamo in collaboration with its investor credit unions and selected trusted strategic partners.