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…

UK Blockchain Company is Now a Money Transmitter


FCA paves way for blockchain-based money.  The U.K.’s Financial Conduct Authority (FCA) granted a Small Electronic Money Institution (EMI) registration to blockchain firm Tramonex, making it the first DLT company to gain the EMI designation. Tramonex can now operate as money transmitter and payment facilitator, as well as “issue, distribute and redeem e-money.” Edited with BlogPad…