AI: More Than Just LLMs

Large Language Models (LLMs) are dominating the AI landscape. Too often, organizations focus solely on LLMs like ChatGPT because they’re versatile and highly publicized. However, the true power of AI lies in identifying the right tool for the right job.

In this week’s blog we revisit several types of AI, possible use cases, and how combining different types of AI could be the solution to the challenges you are facing.

AI Subsets: A Primer

1. Machine Learning (ML)
   ML excels at finding patterns in large datasets, enabling predictions and personalized experiences. For example:
   • Predicting borrower risk using historical loan performance data.
   • Mining customer feedback and categorizing opportunities for improvement.
     
     
2. Robotic Process Automation (RPA)
   RPA automates repetitive, rules-based tasks, streamlining workflows. Key applications include:
   • Extracting and validating data from loan applications.
   • Automating document submission and compliance checks.
     
     
3. Large Language Models (LLMs)
   LLMs like ChatGPT generate human-like text and process natural language, making them ideal for:
   • Drafting personalized communication to borrowers.
   • Providing real-time support in customer service channels.

The Power of Combining AI Tools

In practice, integrating multiple AI capabilities often yields the best results. For instance, in mortgage lending:

• ML can evaluate borrower profiles, flagging potential risks.
• RPA can ensure that flagged applications are routed to the right personnel, reducing delays.
• LLMs can create clear, non-technical summaries of loan decisions.

Each subset plays a unique role, and their combination creates a holistic process that enhances efficiency, accuracy, and transparency.

Key Takeaway

When evaluating AI for your business, don’t limit your thinking to a single solution. LLMs are terrific but not a one-size-fits-all solution.

The most effective strategies leverage a mix of tools tailored to specific challenges. By understanding how AI's subsets work individually and together, you can create smarter workflows and stronger customer relationships.