Let’s see how the AI has changed the lending system as it has already transformed many sectors of the loan system and continuing the same even today.
Within a few years, the whole system of banking will be transformed and technological development is solely responsible.
- How have the changes taken place?
Well, customers used to visit their bank and for the approval of his loan, he wills to discuss numerous things with the banker (so that the banker guarantees a loan based on the trustworthiness).
- But, things have progressively changed. Now, for the details of the customer and his financial status to be found out, making sure if he meets the need of repayment accurately cutting-edge technology is introduced.
- The most dependable ranking system of credits was established and named as FICO.
- Even today FICO is being implied by all the customers as it was developed as a credit ranking system with most satisfying algorithms availability at that time.
- But, the sky’s the limit as the continuous growth and development are taking place day by day through the invention of many more techniques, transforming these loan and lending techniques. Let’s discuss more regarding them below.