UK specialist lender Shawbrook Bank says it is generating personal loan rates five times quicker since rolling out an in-house built AI-enabled pricing environment.
Pricing environments are analytical tools used by lenders to help set and manage thousands of rates across multiple factors that feed into pricing decisions, from the size of the loan or term to customer scores.
Shawbrook has switched from its previous local server-based environment to it new offering, that uses the open-source Python programming language and runs in the Microsoft Azure cloud.
The results mean quicker decision making that allows the bank to be more agile in response to changes in the market to improve competitiveness and deliver transparent, guaranteed offers to the right customers at the right time.
Russ Thornton, CTO, Shawbrook, says: "This is another key milestone as a technology-enabled lender, designed by our in-house teams."
Last year, 10-year old Shawbrook outlined plans to hire 100 tech workers as it looks to beef up its digital capabilities.