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ai impact personal loan decision

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If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."

However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …

How AI Impacts Personal Loan Decisions?

#artificialintelligenceFeb-26-2021, 15:10:08 GMT

Artificial Intelligence (AI)-driven lending practices are gaining visibility and credibility. AI tools used with machine learning can analyze more data for a more accurate answer to loan requests. Lenders using new AI systems can evaluate bank account balances calculated with purchase history, social media habits, and utility payments to determine a person's creditworthiness. Those without established credit can benefit greatly from AI lenders. New startup lenders are using AI to approve personal loans for people with a short or non-existing credit history who have a reliable income and a high earning potential.

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Industry:

Banking & Finance > Loans (0.77)
Banking & Finance > Credit (0.75)

Technology: Information Technology > Artificial Intelligence (1.00)

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