COSTA MESA, Calif. — Consumers can now search for and compare personal loan options directly through OpenAI’s ChatGPT under a new offering launched by Experian that integrates the credit reporting company’s lending marketplace into the artificial intelligence platform.
The Experian Loans ChatGPT application enables consumers to explore personal loan offers from Experian’s network of lending partners through conversational interactions within ChatGPT before continuing to Experian’s website for more personalized comparisons based on their credit profiles, the company said.
Experian said the application combines OpenAI’s conversational AI technology with Experian’s lending marketplace, lender relationships and financial services infrastructure to streamline how consumers research borrowing options.
‘More Transparent’
“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 for Experian Consumer Services, said in a statement. “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 launch expands Experian’s broader artificial intelligence strategy, which includes the Experian Insurance ChatGPT application, the company’s integration with Snapchat’s AI Sponsored Snaps platform and its Experian Virtual Assistant, known as EVA, according to the company.
The move comes as consumers increasingly turn to AI-powered tools when researching products and making purchasing decisions.
Nearly Half Have Turned to AI
According to the PYMNTS Intelligence report “Global Digital Shopping Index: The AI-Powered Shopper Has Arrived,” 47% of consumers used AI at some point during their most recent shopping journey. The report found ChatGPT has become the fourth most-used platform for researching purchases, behind only Google Search, Amazon and Walmart. Thirty percent of shoppers reported using ChatGPT while researching their most recent purchase, up from 2% two years earlier.
Experian has increasingly focused on using conversational AI to simplify financial decision-making. When the company launched its insurance comparison application within ChatGPT earlier this year, it said the tool was designed to transform what can often be a time-consuming search for auto insurance into a conversational experience.
Experian said the new personal loan application is intended to help consumers more easily explore lending options while using a platform that is becoming a growing part of how people research products, compare alternatives and make purchasing decisions.
