Everyone is talking about how AI is the next big thing, and there is no doubt it is making waves. But is the world ready?
Artificial intelligence (AI) and machine learning are becoming increasingly relied upon by financial services companies and the credit sector; the algorithms powering these solutions have also advanced the use of AI and machine learning; while these advancements have helped new solutions they have also created new risks; these risks are primarily focused in three phases: input, training and programming; risks can also be higher when using nontraditional data; a report from White and Case titled, "Algorithms and Bias: What Lenders Need to Know" provides details on the evolution of algorithms in artificial intelligence and machine learning and explains important factors to consider for credit providers. Source
BB&T announced last week that they were committing $50mn to fintech; the company plans implement what they are calling intelligent automation; plans include AI & machine learning, robotics processing automation, chatbots and virtual assistance & conversational commerce according to TearSheet; the company also announced they are looking at transforming branches and looking to move as much of their business to the cloud. Source.
Auto lenders are not yet ready to turn credit decisions over to artificial intelligence and machine learning; Mike Kane, Ally Financial...
After a number of high profile breaches in 2017 lenders are looking to better protect themselves against evolving threats; writing a column in Bankless Times Tom Donlea of WhitePages Pro looks at some key things online lenders can do to better protect themselves; lenders can start moving away from using social security numbers as a personal identifier, AI and machine learning will play a bigger role, more lenders will begin to bring fraud fighting in house and blockchain will become more widely adopted. Source.
Editor’s Note: This is a guest post from Marc Stein, CEO at Underwrite.ai and Principal at Artificial Intelligence Capital Management....
Today, Lending Club announced a new credit model in an email to investors. According to the email, this is the...
The CEO and Co-Founder of Stratyfy, Laura Kornhauser, discusses how advanced AI underwriting models are now becoming more widespread in the banking system.
The Cambridge Centre for Alternative Finance is a leading provider of research and reports on fintech across the globe; their...
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If a financial institution looks beyond the hype of AI and tempers its expectations, it can use AI to deliver measurable business results. That’s been the experience of Amount’s director of decision science Garrett Laird.