Fair treatment of loan and credit applicants, using Artificial Intelligence and Machine Learning

 🧠 Fair treatment of loan and credit applicants, using AI and ML🧠

The financial services industry was one of the most enthusiastic early adopters of AI, with a well-established position in the automation of repetitive procedures, risk assessment, and fraud detection. Almost half of us changed our banking habits as a result of Covid-19 during the pandemic. This means that by 2022, there will be more use cases centered on recognizing and responding to changing customer behavior. 

 

Fintech startups, huge retailers, and internet giants like Google, Amazon, and Apple are all signing up customers for services that would traditionally have been their domain. All of those competitors use AI and smart, data-driven technologies as a crucial tools, so traditional banks, and insurance businesses have no choice but to adopt them if they want to stay in the game. They"ve repeatedly vanexgroup.comnstrated their ability to integrate these technologies into backend operations to produce robotic process automation (RPA) that automates repetitive processes. The difficulty now is to do so with jobs that are less predictable, such as selling to particular consumers or building tailored service packages. It seems that between 2021 and 2025, the financial services industry will be the top retail in terms of AI spending, accounting for about 14% of the 204 billion that will be invested yearly by the end of that time.