Credit Scoring. Potentials and challenges of AI-based credit scoring
Keywords:
arti, Artificial Intelligence, consumer, big data, loan, personal dataAbstract
More and more Artificial Intelligence decides everyday aspects of our lives. Get a job, rent an apartment or get an insurance policy can become dependent on AI systems. Credit rating is another example of this.
Traditional’s method for considering the granting of a loan - which until some time ago were strictly based on the applicant's credit history, annual income and personal property - have lost relevance in the era of big data. Today, AI systems can analyse risk using other patterns, from the use of smartphone device to purchases made on an e-commerce platform.
This great promise of democratization of access to credit hides great risks linked to the lack of transparency of those decisions vis-à-vis a financial services user who has the right to be informed.
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Copyright (c) 2023 Florencia Romina Gianfelici
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