Can fintech eliminate credit discrimination?

Fintech companies, which provide financial services on technological infrastructure, use proprietary statistical models that leverage AI methodologies and machine learning to assess the borrowers' credit risk, significantly accelerating decision-making and service with enhanced precision. Even the strictest laws can't eliminate the inherent impression the credit manager forms. Banking has traditionally relied on face-to-face interactions with the clients at the physical branch or office. The personal encounter has provided numerous advantages to both parties. The client had an opportunity to get to know the service provider, while the latter could use the first-hand impression to mitigate the bank's exposure to a range of risks, in particular, fraud, forgery, impersonating, and money laundering.