AI is revolutionizing fair lending—and we have the numbers to show for it. Compared to a traditional credit model, our AI-powered model: - Approves 101% more applicants - Reduces APRs by 38% These breakthrough results are just the beginning. In our new series on AI and fair lending, we're tackling the industry's biggest challenges head-on: - Identifying and eliminating potentially negative proxies - Enhancing model explainability - Improving adverse action notices - Developing less discriminatory alternatives - Advancing fair-lending testing methodologies Read the first installment, with more about how our AI model expands access to credit, here: https://lnkd.in/gJUdZyMj And stay tuned for more insights in the coming weeks.
This is an exciting development in the world of fair lending! The potential of AI to drive more inclusive credit approval while lowering APRs is a game-changer. Tackling issues like negative proxies and enhancing model explainability is crucial for building trust and transparency in AI-driven decisions. I’m looking forward to reading more about how these advancements will help expand access to credit and create less discriminatory alternatives. Great work in paving the way for a more equitable future in lending!
Senior Inside Sales Associate @ SkillEnable || Inside Sales Manager @ Ex- BYJU ||Assistant Manager @ Ex- Shriram Finance ltd || 6+Year Experienced Business Development Leader || IT Sales|| Edtech ||Finance|| BTech ECE
2moExcellent insight! ✨✨👏 AI powered model is transforming landscape of corporate finance more fundamentally than just technologies. & improving quality of financial services for business in strengthening firms. ✨✨🚀