May 2021

5 reasons why AI credit scoring has come under the money lenders’ spotlight

AI is already widely deployed in financial services and began as one of the most significant digital transformation drivers. Customer service automation, fraud detection and identity verification are the most commonly used applications of AI in finance. Now, AI and machine learning (ML) have reached the central role of the lending industry: credit scoring for consumer lending. By detecting countless patterns in credit data, ML models enable lenders to paint a clearer picture of credit risk. Using ML reduces default risks, identifies good borrowers and improves credit access for consumers, especially in near-prime or subprime segments which are main target customers for money lenders in Hong Kong. This blog identifies […]