One of the biggest finance industry developments to come out of the COVID pandemic has been the rapid growth of fintech. Employment history, spending patterns and other details of an applicant’s income history add substance to a credit rating. The intent of risk assessment in consumer lending is to determine the likelihood that a borrower would repay a loan. However, thanks to more holistic data access and predictive analytics driven by artificial intelligence, lenders now have a more comprehensive way to consider loan risks. It is supposed to offer a singular view of the risks in lending to a particular person. More comprehensive analysis of creditworthinessĪn individual’s FICO credit score has long been central to a lender’s evaluation of a loan applicant’s creditworthiness. The following is an overview of some of the most critical ways that innovative technology impacts consumer lending. How innovative technology impacts consumer lending Thank you for your interest in RingCentral.
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September 2023
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