Willie  Beier

Willie Beier

1596417240

AI For Financial Inclusion: Banking the Unbankable

The Background

With Traditional credit scoring system, it is essential to have a bank account and have regular transactions, but there are a few groups of people especially in developing nations that still do not have a bank account for a variety of reasons; they do not see the need for it, some are unable to produce the necessary documents, for some the cost of opening the accounts is high, some may not have the knowledge about opening accounts, lack of awareness, trust issues and some unemployed.

Some of these individuals may need loans for essentials; maybe to start a business or like farmers who need a loan to buy fertilizers or seeds. While many of them may be reliable creditors but because they do not get access to funding, they are being pushed to take out high-cost loans from non-traditional, often predatory lenders.

Low-income individuals have an aptitude for managing their personal finances. And we need a system for ethical credit scoring in order to help these borrowers and clutch them from falling into deeper debts.

Omdena partnered with Creedix to build an ethical AI-based credit scoring system so that people get access to fair and transparent credit.

The Problem Statement

The goal was to determine the creditworthiness of an un-banked customer with alternate and traditional credit scoring data and methods. The data was focused on Indonesia but the following approach is applicable in other countries.

#financial-inclusion #banking-technology #machine-learning #ai #tech-for-good

What is GEEK

Buddha Community

AI For Financial Inclusion: Banking the Unbankable
Willie  Beier

Willie Beier

1596417240

AI For Financial Inclusion: Banking the Unbankable

The Background

With Traditional credit scoring system, it is essential to have a bank account and have regular transactions, but there are a few groups of people especially in developing nations that still do not have a bank account for a variety of reasons; they do not see the need for it, some are unable to produce the necessary documents, for some the cost of opening the accounts is high, some may not have the knowledge about opening accounts, lack of awareness, trust issues and some unemployed.

Some of these individuals may need loans for essentials; maybe to start a business or like farmers who need a loan to buy fertilizers or seeds. While many of them may be reliable creditors but because they do not get access to funding, they are being pushed to take out high-cost loans from non-traditional, often predatory lenders.

Low-income individuals have an aptitude for managing their personal finances. And we need a system for ethical credit scoring in order to help these borrowers and clutch them from falling into deeper debts.

Omdena partnered with Creedix to build an ethical AI-based credit scoring system so that people get access to fair and transparent credit.

The Problem Statement

The goal was to determine the creditworthiness of an un-banked customer with alternate and traditional credit scoring data and methods. The data was focused on Indonesia but the following approach is applicable in other countries.

#financial-inclusion #banking-technology #machine-learning #ai #tech-for-good

Otho  Hagenes

Otho Hagenes

1619511840

Making Sales More Efficient: Lead Qualification Using AI

If you were to ask any organization today, you would learn that they are all becoming reliant on Artificial Intelligence Solutions and using AI to digitally transform in order to bring their organizations into the new age. AI is no longer a new concept, instead, with the technological advancements that are being made in the realm of AI, it has become a much-needed business facet.

AI has become easier to use and implement than ever before, and every business is applying AI solutions to their processes. Organizations have begun to base their digital transformation strategies around AI and the way in which they conduct their business. One of these business processes that AI has helped transform is lead qualifications.

#ai-solutions-development #artificial-intelligence #future-of-artificial-intellige #ai #ai-applications #ai-trends #future-of-ai #ai-revolution

Murray  Beatty

Murray Beatty

1598606037

This Week in AI | Rubik's Code

Every week we bring to you the best AI research papers, articles and videos that we have found interesting, cool or simply weird that week.

#ai #this week in ai #ai application #ai news #artificaial inteligance #artificial intelligence #artificial neural networks #deep learning #machine learning #this week in ai

This Week in AI - Issue #22 | Rubik's Code

Every week we bring to you the best AI research papers, articles and videos that we have found interesting, cool or simply weird that week.Have fun!

Research Papers

Articles

#ai #this week in ai #ai application #ai news #artificaial inteligance #artificial intelligence #artificial neural networks #deep learning #machine learning #this week in ai

George  Koelpin

George Koelpin

1602255900

Amsterdam And Helsinki Launch Open AI Registers

Amsterdam and Helsinki both launched an Open AI Register at the Next Generation Internet Summit. According to sources, these two cities are the first in the world that are aiming to be open and transparent about the use of algorithms and AI in the cities.

Currently, in the beta version, Algorithm Register is an overview of the artificial intelligence systems and algorithms used by the City of Amsterdam. The register is an effort to show where the cities are currently making use of AI and how the algorithms work.

Jan Vapaavuori, Mayor of Helsinki stated, “Helsinki aims to be the city in the world that best capitalises on digitalisation. Digitalisation is strongly associated with the utilisation of artificial intelligence. With the help of artificial intelligence, we can give people in the city better services available anywhere and at any time. In the front rank with the City of Amsterdam, we are proud to tell everyone openly what we use Artificial Intelligence for.”

#news #ai register #amsterdam ai #helsinki ai #open ai register #ai