Personal credit and financial management firm Credit Sesame raised $42mn in equity and venture debt; investors include Menlo Ventures, Inventus Capital, Globespan Capital, IA Capital and SF Capital; the capital will be used for growth, hiring, customer acquisition and to build out their machine learning technologies. Source.
Bias in credit underwriting is an issue some worry will be exacerbated by AI others believe it is the only way forward. At Fintech Nexus USA 2022, approaches were discussed to mitigate concerns.
Editor’s Note: This is a guest post from Marc Stein, CEO at Underwrite.ai and Principal at Artificial Intelligence Capital Management....
Everyone is talking about how AI is the next big thing, and there is no doubt it is making waves. But is the world ready?
Today, Lending Club announced a new credit model in an email to investors. According to the email, this is the...
Douglas Merrill, the CEO of ZestFinance, writes in Forbes that more data for making an underwriting decision is usually better;...
As underwriting turns toward AI, experts agree if credit solutions have a hope of meeting their potential, alternative data is vital.
After a number of high profile breaches in 2017 lenders are looking to better protect themselves against evolving threats; writing a column in Bankless Times Tom Donlea of WhitePages Pro looks at some key things online lenders can do to better protect themselves; lenders can start moving away from using social security numbers as a personal identifier, AI and machine learning will play a bigger role, more lenders will begin to bring fraud fighting in house and blockchain will become more widely adopted. Source.
The CEO and Co-Founder of Stratyfy, Laura Kornhauser, discusses how advanced AI underwriting models are now becoming more widespread in the banking system.
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If a financial institution looks beyond the hype of AI and tempers its expectations, it can use AI to deliver measurable business results. That’s been the experience of Amount’s director of decision science Garrett Laird.