How fintechs are using AI to transform payday lending | American Banker


Startups in the payday lending space say their use of artificial intelligence is allowing them to make better loans at lower rates with fewer defaults. “The power of artificial intelligence versus business intelligence is BI is purely retrospective, whereas AI looks forward into the future and predicts — what will this person do based on…

AI and Your Credit Score


Where are the credit scores of yesteryear?  Writing in the American Banker, columnist Penny Crosman examines the impact of AI and proprietary credit scoring algorithms on the lending industry and consumers. While AI “offers lenders the ability to . . . score those previously deemed unscorable,” Crosman writes, “such scoring techniques also bring uncertainty.” Edited with…

IBM brings AI to tax returns


IBM has partnered with H&R Block, allowing the tax advisory service to use its Watson technology to help file the taxes of an estimated 11 million people this year. During a pilot test, H&R Block employees trained Watson with data from over six decades of H&R Block filings and fed it rules from nearly 74,000…