Financial IT: An AI-focused Q&A with Peach CEO Eddie Oistacher

December 6, 2023
Financial IT Q&A with Eddie Oistacher

Peach CEO Eddie Oistacher sat down with Financial IT for their Winter Edition 2023 to talk about Peach’s leadership role in bringing generative AI to loan servicing. In their Q&A, Eddie covered the opportunities generative AI is creating in the loan servicing space, how it’s being incorporated into Peach's cutting-edge platform, and how predictive and generative AI can work together to make smarter and faster underwriting decisions.



Q: Please introduce your company and provide an overview of its core operations and services.

A: Peach Finance is the industry’s most configurable loan management and servicing platform. Our API-first lending technology enables fintechs and traditional financial institutions to quickly launch and confidently scale lending programs. With Peach, lenders can support virtually any type of lending product, including BNPL, credit cards, cash advances, personal loans (installments and lines of credit), retail installment contracts, business loans and novel constructs.

Peach gives lenders a system of record with more than 250 configuration variables, plus a Servicing Suite with a lending-specific CRM, borrower portal, agent portal, omnichannel communications, payment processing and reporting. Meanwhile, our Compliance Guard™ module combines compliance-vetted rules with borrower status monitoring to help lenders stay compliant in their servicing operations.

We’re proud to partner with many of today’s foremost lending innovators, including Square, Mission Lane, Lendable and Remitly.

Q: Could you shed light on how Peach is leveraging AI technology to move the lending industry forward? What innovative applications of AI are you implementing?

A: It’s been exciting to see numerous applications of generative AI unfold across a wide range of industries over a relatively short period of time. However, the lending industry to date has been impacted much more by predictive AI than generative AI. This means there’s a greenfield opportunity to be among the first to deliver significant generative AI-driven enhancements within the loan servicing space. 

To understand the opportunity within servicing, we should first recognize that servicing has long been a source of frustration for borrowers. Irritating chatbots, lengthy hold times and inflexible borrower portals are just a few of the reasons for borrower dissatisfaction. It’s become a truism within lending that far more resources are invested in acquiring customers than in retaining them.

We should also acknowledge that loan servicing is a significant cost center for lenders...


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