AI Use Case

Evaluate customer credit risk using application and other relevant data for faster and more efficient decisions

Evaluate customer credit risk using application and other relevant data for faster and more efficient decisions - frequently with a turnaround time measured in seconds. This offers the potential for traditionally-underserved customer groups to be offered products.

Function

Benefits

Revenue - Better targeting,Operational - Faster response times ,Risk reduction - Evaluate counter-party risk (eg credit scores)

Case Studies

Baidu~Baidu does underwriting for consumers with limited credit history using machine learning,JPMorgan~JPMorgan Chase sped up loan application and approval process for small businesses using AI-powered OnDeck to analyse a variety of online data,BankMobile~BankMobile approves loans for young banking customers based on non-traditional data measures using Upstart's machine learning,JD.com~JD.com increases customer loan approval rate by 150% using Zest Finance's machine learning platform,"Branch~Branch grants loans to app users based on alternative data including contacts, social media, and call history and machine learning to assess credit risk",ANZ Bank~ANZ bank identifies high risk loans and predicts customer defaults with deep learning

Industry

Financial Services

Banking

Data Sets

Structured / Semi-structured

AI Technologies

Machine Learning (ML),ML Task - Prediction - Regression,Product Type - Natural Language Processing (NLP)

Potential Vendors

ZestFinance,OnDeck,ZestFinance,Nvidia