Consumers can now explore personal loan offers from Experian’s lending partners while interacting with OpenAI’s ChatGPT.
This capability is enabled by the newly launched Experian Loans ChatGPT application, which combines conversational AI with Experian’s marketplace experience, lender network and financial services infrastructure, Experian said in a Thursday (June 4) press release.
With this offering, which is available directly within ChatGPT, consumers can use ChatGPT to instantly explore personal loan options in a way that’s simple, transparent and easy to access, and then continue to the Experian site to gain a more personalized experience and compare personal loan offers tailored to their credit profile, according to the release.
This application furthers Experian’s AI strategy that already includes the Experian Insurance ChatGPT application, the company’s integration into Snapchat’s AI Sponsored Snaps and the company’s launch of its own Experian Virtual Assistant (EVA), per the release.
“The Experian Loans ChatGPT application reflects our commitment to making financial opportunities more transparent, accessible and personalized through AI at scale,” Debbie Hsu, executive vice president of product, Experian Consumer Services, said in the release. “By combining conversational AI, trusted data and analytics with the reach of platforms like ChatGPT, we are helping consumers explore their options and navigate financial decisions with greater clarity and confidence.”
The PYMNTS Intelligence report “Global Digital Shopping Index: The AI-Powered Shopper Has Arrived” found that AI has become part of the shopping journey, with 47% of consumers enlisting the technology at some point during their most recent purchase.
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The report also found that ChatGPT has become the fourth-most-used tool used by consumers to research a purchase, behind only Google search, Amazon and Walmart.
Thirty percent of shoppers said they used ChatGPT for researching their latest purchase. Two years ago, only 2% of shoppers said they had used ChatGPT, according to the report.
When Experian announced the launch of its insurance comparison platform on ChatGPT in February, the company said the offering is designed to streamline what could be an hours-long process of finding an auto insurance policy into a “streamlined conversation.”
Dacy Yee, president of Experian Consumer Services, said at the time in a press release: “Consumers are increasingly using conversational AI to learn, ask questions, explore and solve meaningful financial challenges.”
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