How banks and fintech are using artificial intelligence to deliver loans - The Goa Sportlight

Financial technology services are increasingly large and diverse, not only representing a change for users, but also for banks that have had to adapt as new developments allow greater knowledge of the market and customers. Faced with this situation, they have launched in Colombia a platform that will use advanced artificial intelligence functions to generate a credit score for each person and allow financial institutions to identify potential clients. The new system is developed by the fintech Yabx which specializes in enabling credit for unbanked sectors, so thanks to an alliance it will base its data on Telecom's Telecommunications system in association with Claro, therefore It will allow the identification of new clients not recognized by the criteria of traditional banking. The platform will use machine-learning algorithms (artificial intelligence machine learning) to provide a credit score and other products that can be offered to banks or other fintech companies that want to improve their abilities to acquire and qualify customers whose applications to banks traditional are rejected. Thanks to the association with Claro, one of the largest telecommunications networks in the country, the new system will be able to cover around 67% of Colombian adults, in addition, it will allow credit institutions to reduce their rejection rates by up to 40% by take into account factors that are not normally observed.