The phrase Artificial Intelligence (AI) is thrown around everywhere. In the assessment space alone there are probably hundreds of companies talking about AI assessment capabilities, but what does that mean? How much of it is actually AI and how much of it is pure hype? Is AI a small piece of the offering, or have they fully given the robots control? It's hard for me to tell, and I've worked in this industry my entire adult life.

Two months into the launch of her dance studio, Natalie Borch needed a loan. The 34-year-old first-time business owner had opened the doors to The Pink Studio in February after she and her brother invested $40,000 of their own cash and took out a $100,000 loan from the Business Development Bank of Canada. "We just needed a small amount of money to expand our services for new teachers and classes," she said, from beginner Beyonce to Bollywood fusion. Finding no help from the main banks, she found Lendified Inc., a fintech startup that offers loans to small businesses based on artificial intelligence-powered screening assessments. After filling out a few online forms on cash flow and collateral, Borch received a $30,000 loan.