Bias in credit underwriting is an issue some worry will be exacerbated by AI others believe it is the only way forward. At Fintech Nexus USA 2022, approaches were discussed to mitigate concerns.
Fraud is rising with the increased reliance on alternative payment methods, and AI could stop it. FIs have difficulties in adopting the tech.
The CEO and Co-Founder of Pagaya, Gal Krubiner, discusses AI-powered lending models and how it is helping consumers and lenders alike.
Google has developed an AI tool to help lenders process PPP loan applications; the solution, called PPP Lending AI, can...
An article in Business Insider highlights a $96 billion hedge fund, Man Group; the firm initially held off on rolling out their AI powered trading bot out broadly until recently; by 2015 AI was contributing half of the profits to Man Group’s largest funds. Source
As underwriting turns toward AI, experts agree if credit solutions have a hope of meeting their potential, alternative data is vital.
Over the past several years, technology has become increasingly ingrained in our lives. Most recently, the current global pandemic has...
Although generative AI's development is a concern to some, its application to the lending sector could create even more access to credit.
Harmoney has shared that they are working with DataRobot to improve credit assessments; DataRobot automates data science workflow and allows users to customize predictive models; Harmoney’s models have been trained on data from over 300,000 loan applications; previously it took them 12 to 16 weeks to deploy models, now it takes just minutes. Source
From an anti-money laundering perspective, organizations had significant increases in new customers and transactions over a short period.