People working at the front and back offices of banks are going to have wildly different experiences with AI, says Sopnendu Mohanty, the group CEO of the global advisory and investment firm GFTN. He told Business Insider that the disruption posed by AI will depend on whether one works in a bank's front, middle, or back office. "Front is all for the customer. The middle is all for the bank, and the back is just for processing all the activity," Mohanty said.
The digitalization of loan applications has transformed the long-winded process into an instantaneous experience, allowing clients to receive funds within minutes.