It is the customers’ use of AI that will take the sector in some unexpected directions, not the banks’ use of AI to make marginal improvements to existing processes.
In June, CFPB issued a report summarizing its research into the use of artificial intelligence AI in consumer finance. The Report focused on the shift away from human support to algorithmic support in the banking and consumer finance industry.
Making its foray into AI-based lending space, Infibeam Avenues says it intends to lend money by offering credit algorithms, credit platforms, frameworks and merchant database.
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