Equipment lenders tap ChatGPT to streamline valuation
UniFi Equipment Finance, BMO Bank North America leaders weigh in
Equipment lenders are looking to readily available data on the web via AI platforms like ChatGPT to streamline the valuation process.
Valuations used to take hours or even days, but with OpenAI’s ChatGPT-4, necessary information can be “at your fingertips” in minutes, John Gougeon, president and chief executive at UniFi Equipment Finance, said Tuesday during the Equipment Finance News webinar “High-priced used equipment inventory: The no-man’s land of equipment finance.” Equipment Finance News is a sister publication to FinAiNews.
Valuations used to require valuation officers to flip through books, Jody Ray, vice president and relationship manager at BMO Bank North America, said during the webinar.
“Being able to scour the internet, being able to scour inventory from a particular dealer that carries a large amount of used equipment, all of that happens very quickly and it contributes to the speed at which we’ll get those valuations back,” he said.
Citing sources
While ChatGPT can provide information at speed and scale, it can also tell the user where it’s pulling information from, Gougeon said.
The AI tool will cite sources — often the same sources that have been used historically as part of the data collection process, he said.
“Nothing beats personal touch or individual expertise, but the fact that you can go out and hit these digital sources and put together a summary valuation is a matter of minutes,” Gougeon said. “That’s the way the industry is going.”
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