models
Let’s explore how Santa might use AI to get everything done even faster than anyone thought possible.
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Equipment Finance is a business that feels like running on a treadmill set at twelve. And the roughly 12,500 finance brokers operating in the space are trying to help lenders keep up.
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The Amazon Prime television show “The Marvelous Mrs. Maisel” recently re-introduced me to concept of matchmakers. The show’s plotline begins with Mrs. Maisel’s mother, Rose, launching a business as a New York City matchmaker. This intrigued me because the challenges she faced seemed very much like those I have come to understand working with and around brokers in equipment finance.
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Transformation to becoming a “digital business” may be a tired topic, but how many finance companies can actually claim success? Indeed, how many business leaders have a definition of success for digital transformation much less have communicated it companywide?
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Automation has been a principal pursuit of business ever since Henry Ford implemented the first assembly line in 1913 and reduced the Model T assembly time from 12 hours to 93 minutes. Twenty-five years later, during World War II, increased demand for military equipment brought mechanization to production lines enabling higher speeds, fewer errors and more efficient use of raw materials.
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I asked Professor Manjeet Rege, Chair of Software and Data Science at the University of St. Thomas, about the emergence of AI as a modern technology and its practical application in both industry-at-large and the finance ecosystem specifically.
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