AI may just create the illusion of good credit decisions


Let's apply some natural intelligence to the concept of artificial intelligence. AI has been conflated with big data, machine learning and neural networks. AI is also second only to blockchain technology as the most overused and overhyped term referring to technologies that are taking over banking and finance, particularly in credit decisions. Three years ago, it was fashionable to just nod your head when a company founder or a conference panelist stated that AI and fintech will disrupt the banks; some entrepreneurs even went so far as to state that banks were already obsolete. The founders believed then as they do now that AI is the main component of the disruption.