How machine learning can redefine lending

The lending ecosystem has witnessed momentous changes in last five years, from fintechs disrupting the industry by leveraging technology and offering ease and speed in process, to evolution of stringent regulations post the 2008 meltdown. Technology has played a significant role in the rapid evolution of the lending industry. One such technology, machine learning, is beginning to create new avenues in the lending market. Machine learning, in simple terms, is an extension of artificial intelligence that enables computers or robots with the ability to learn, analysse and predict, using algorithms that iteratively learn from data. Machine learning therefore empowers the system to learn and adapt itself.