How ChatGPT Broke Down Barriers for AI Adoption in Fintech

Pagaya CTO on ChatGPT’s Influence in Fintech

At Calcalist’s AI Conference, Avital Pardo, co-founder and CTO of Israeli fintech company Pagaya, shared insights on how generative AI, especially OpenAI’s ChatGPT, has shifted the fintech landscape and his company’s path.

ChatGPT as a Catalyst for AI Adoption

Pardo highlighted that ChatGPT is more than a consumer tool—it’s become the most effective marketing agent for AI solution providers. He pointed out that five years ago, many bank executives were skeptical about AI technology. Today, those same leaders use ChatGPT daily and recognize that the real risk is falling behind by not adopting AI.

Pagaya’s AI-Driven Credit Underwriting

Founded a decade ago, Pagaya’s mission was to replace traditional credit underwriting with AI-based models. Unlike lenders focused on consumers, Pagaya targets banks and institutional partners with its B2B systems. This approach initially faced slow adoption due to organizational hesitance, but ChatGPT helped remove that barrier almost overnight.

The Two Phases of AI Evolution

Pardo describes today’s AI moment as the start of a second phase. The first phase was corporate adoption of AI tools; the second is personal use. He compares this to how computers were once only in companies until the PC made them accessible to everyone. ChatGPT marks the moment AI became available to all individuals, which has major implications for organizations.

“If 25 years ago banks couldn’t afford to skip PCs, today no major organization can afford to skip AI,” Pardo emphasized.

Commercial and Technological Advances at Pagaya

Thanks to reduced skepticism, Pagaya finds it easier to sell to large institutions now. On the tech side, the massive investments in AI infrastructure mean what used to take a whole team a month can now be done by one person in a week. This efficiency accelerates platform scaling and growth without raising costs.

The Future of AI-Based Underwriting

Asked about the limits of AI underwriting, Pardo is cautiously optimistic. Pagaya improves its models by 10-15% annually, aiming to develop an algorithm that fully closes the information gap in credit decisions.

He also points out the size of the opportunity: “We are only scratching the surface of a $5 trillion market. Speed matters—the faster you move, the more progress you make. That’s the competitive edge AI offers.”

For marketing and sales professionals in fintech, this means AI tools like ChatGPT are not just novelties but essential components to win trust and accelerate adoption in conservative industries. Understanding this shift can help position solutions effectively and speed up client engagement.

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