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CREDIT DECISIONS
Credit is king. A recent study found 77% of consumers preferred paying with a debit or credit card compared to only 12% who favored cash. But easier payment options isn't the only reason the availability of credit is important to consumers.
Having good credit aids in receiving favorable financing options, landing jobs and renting an apartment, to name a few examples. With so many of life's important necessities hinging on credit history, the approval process for loans and cards is more important than ever.
Artificial intelligence solutions are helping banks and credit lenders make smarter underwriting decisions by utilizing a variety of factors that more accurately assess traditionally underserved borrowers, like millennials, in the credit decision making process.
Here are a few examples of companies helping the financial industry rethink the underwriting process.
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