Today, Lending Club announced a new credit model in an email to investors. According to the email, this is the...
Pagaya is an asset manager based in New York; they announced that they have received $75 million in debt financing from Citi; the funds will be used for its Opportunity Fund to invest in loans by online lenders such as Prosper and LendingClub; the company uses machine learning to determine loans worthy of investment. Source
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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.
Editor’s Note: This is a guest post from Marc Stein, CEO at Underwrite.ai and Principal at Artificial Intelligence Capital Management....
Auto lenders are not yet ready to turn credit decisions over to artificial intelligence and machine learning; Mike Kane, Ally Financial...
Artificial intelligence (AI) and machine learning are becoming increasingly relied upon by financial services companies and the credit sector; the algorithms powering these solutions have also advanced the use of AI and machine learning; while these advancements have helped new solutions they have also created new risks; these risks are primarily focused in three phases: input, training and programming; risks can also be higher when using nontraditional data; a report from White and Case titled, "Algorithms and Bias: What Lenders Need to Know" provides details on the evolution of algorithms in artificial intelligence and machine learning and explains important factors to consider for credit providers. Source
Simility, a machine learning adaptive fraud prevention product, raised $17.5mn from PayPal, The Valley Fund and Trinity Ventures; the company helps to prevent fraud and abuse in real time using machine learning and big data analytics; Rahul Pangam, Co-Founder and CEO of Simility, tells Crowdfund Insider, “Digital disruption in the financial and commerce sectors has resulted in the need for a fraud and risk management solution that goes beyond legacy.”; the company plans to build out data science teams and continue expanding globally. Source.
A buyer’s guide to data aggregation Why Freelance Workers Should Be The First To Adopt Blockchain The Biggest Threat To...
Upstart has been quietly doing something that many others have found difficult: building a profitable online consumer lending business. I...
ZestFinance, the pioneering artificial intelligence software company focused on credit, has launched a new tool called ZAML Fair that aims to...