To Patrick Reily, Co-Founder of Uplinq, underwriting models are an underlying and solvable factor behind the catch-22 of lending. With more holistic, dynamic, and contextual models, lenders can offer capital to more applicants while appreciating their real (i.e. for the large part reduced) risk of default, helping lenders extend loans to more people at fairer prices.
Read MoreOn Tuesday, the Biden Administration published a blueprint for an AI Bill of Rights. If this AI Bill of Rights takes hold and shapes the US regulatory landscape in its image, then human resources and operations teams—notably in fintech—should prepare for a new suite of hiring needs.
Read MoreWhen you think of innovative organizations, the U.S. Postal Service is probably not at the top of your list.
Read MoreYou hear a lot about possible uses for artificial intelligence in financial services, but we’re still in the nascent stages of adoption. One area where we’ve started to see AI deployed is in lending.
Read MoreArtificial intelligence has been making its way into many practical business applications over the past several years, both in financial services and beyond. As such, the race to develop and/or acquire AI technology has become heated.
Read MoreAussie regulators recently dipped a cautious toe into using artificial intelligence for regulatory purposes — specifically using natural language processing technology to detect when financial institutions are engaged in possible misconduct. The technology will scrutinize promotional material and advertisements, among other things, to see if they contain falsities or if they breach any rules.
Read MoreLast month, the White House issued an executive order laying out how the U.S. would maintain American leadership in AI. Putting aside the fact that the order assumed, perhaps inaccurately, that the U.S. is the world’s AI leader, it was criticized for being long on blather and short on meat (what a surprise)
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
