Loan Officers
of tasks in the Loan Officers role are ones AI can already do, per AI experts.
From a Stanford study where AI experts and loan officers workers rated each real task (O*NET). Not a guess from the job title.
Key statistics
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- AI can already do 88% of the 8 work tasks in the Loan Officers role, according to AI experts in the Stanford WORKBank study (O*NET SOC 13-2072.00).
- Workers in the Loan Officers role want about 63% of their tasks automated (Stanford WORKBank, 1,500 U.S. workers).
- 4 of 8 Loan Officers tasks are Automation Green Light, wanted by workers and do-able by AI, that is 50% of the role (Stanford WORKBank).
- The typical Loan Officers task scores 3.12/5 for worker desire to automate and 3.92/5 for AI capability today (Stanford WORKBank, 1-5 scale).
- The Loan Officers role (O*NET SOC 13-2072.00) has a median U.S. wage of $86,020 and about 290,530 people employed (U.S. O*NET / BLS).
Top tasks to automate
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- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- Submit applications to credit analysts for verification and recommendation.
- Review and update credit and loan files.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
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What workers told Stanford
Of the 8 tasks studied for Loan Officers, 4 (50%) are in the Automation Green Light zone, AI can largely do them and workers want it. Across all tasks, workers want about 63% automated. The typical task scores 3.12/5 for worker desire and 3.92/5 for AI capability.
All 8 tasks, most-wanted first
Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
Green Lightwant 3.71 · AI 4.5Submit applications to credit analysts for verification and recommendation.
Green Lightwant 3.5 · AI 4.5Compute payment schedules.
R&D Opportunitywant 3.4 · AI 3Review and update credit and loan files.
Green Lightwant 3.14 · AI 3.67Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
Green Lightwant 3 · AI 3.5Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
Red Lightwant 2.89 · AI 4.5Review loan agreements to ensure that they are complete and accurate according to policy.
Red Lightwant 2.8 · AI 3.67Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
Red Lightwant 2.5 · AI 4
Related occupations
Other Business and Financial Operations roles in the Stanford WORKBank study, closest AI-capability share first.
- Tax PreparersAI can do 89% of tasks today · workers want 89% automated
- Accountants and AuditorsAI can do 86% of tasks today · workers want 29% automated
- Search Marketing StrategistsAI can do 86% of tasks today · workers want 100% automated
- Credit AnalystsAI can do 83% of tasks today · workers want 67% automated
- Online MerchantsAI can do 80% of tasks today · workers want 67% automated
- Compliance OfficersAI can do 100% of tasks today · workers want 100% automated
Lower-automation alternatives
Less of these jobs is automatable today: AI experts rate a smaller share of their tasks as doable than the 88% for Loan Officers (Stanford WORKBank).