Fintech and AI: money in the digital ageStep 1 of 6
Artificial intelligence in finance
Credit scoring, fraud detection, chatbots and personal tips: what AI can do, where it gets things wrong and why its decision isn't the final word.
A decision in one minute
Tural applies for a consumer loan on his phone. A minute later the answer comes: "Unfortunately, your application was not approved." Nobody called him and nobody looked at his documents.
So who made the decision? Most likely an automated system, possibly using artificial intelligence (AI), did the first assessment.
AI is a tool
AI is software that learns patterns from past data. It's very fast, but it isn't a thinking person and it can make mistakes.