Driverless AI Use Cases in Finance and Cancer Genomics - H2O World SF
YouTube
February 06, 2019
This video was recorded in San Francisco on February 9th, 2019
Marc Stein is the founder and CEO of Underwrite.ai. Underwrite.ai applies advances in artificial intelligence derived from genomics and particle physics to provide lenders with non-linear, dynamic models of credit risk which radically outperform traditional approaches.
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Tags: AI, FinTech, PropTech
The Rise of Alternative Data in the Lending Market
BankInnovation.net
September 21, 2017
EXCLUSIVE – There were conflicting views on the importance of the FICO score at the PayThink Conference in Phoenix this week. While only some professionals were bold enough to say the standardized credit scoring has become marginalized, others maintained that it was here to stay. However, all agreed on the increasing potential of alternative data.
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Tags: Analytics, AI, FinTech
Will Using Artificial Intelligence To Make Loans Trade One Kind Of Bias For Another?
NPR.org
March 31, 2017
The terms of the next loan you get might depend less on your credit score and more on what a computer program thinks of your habits.
Digital lending is expected to double in size over the next three years, reaching nearly 10 percent of all loans in the U.S. and Europe. There are now some 2,000 digital startups, many of which are using artificial intelligence to analyze the troves of data created every day.
But government regulators are struggling to keep up with the pace of change.
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Tags: Analytics, AI, FinTech
Using AI to Improve Underwriting
Lending Times
March 13, 2017
There has been an increasing trend of late of FinTech companies using artificial intelligence and machine learning technologies for a variety of purposes. Some financial technologies rely on AI or machine learning for core functionality. Others use automation as an add-on to an already powerful solution. Either way, machine learning is quickly becoming the wave of the financial future. Soon, every financial technology company will incorporate it in some way into the technology that is revolutionizing the way people relate to money.
One of the more fascinating presentation at LendIt USA 2017 last week was Marc Stein’s presentation titled “Using AI to improve underwriting.” Stein is CEO and founder of Underwrite.ai.
“The practical application of using AI to improve consumer credit underwriting is profound,” Stein said. “It’s also applicable to any form of underwriting.”
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Tags: Analytics, AI, FinTech
Can AI Be Programmed to Make Fair Lending Decisions?
American Banker
September 27, 2016
As lenders dabble with artificial intelligence in credit decisions, debate has stirred around whether AI and even more traditional decision-making algorithms can be trusted to make sound decisions.
In an earlier article, we posited that the use of AI in underwriting machines could have unintended consequences — such as shutting disadvantaged people out of the financial system. That's because AI machines can learn on their own, are not strictly governed by rules, and they can make their own rules and assumptions.
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Tags: Analytics, AI, FinTech
Case Study: Using Artificial Intelligence to Improve Underwriting - by Underwrite.ai's Marc Stein
Lendit.com
March 01, 2017
Lenders of all stripes have begun using artificial intelligence (AI) to more efficiently underwrite and at LendIt USA 2017 we looked at how AI can be used to improve the underwriting process; understanding the history of assessing risk in consumer lending helps to set the basis for the limitations of traditional credit scoring for today’s borrower; the current models used for scores like FICO are great if you are a prime borrower, but a majority of the US population falls outside that bucket; using machine learning algorithms based on application attributes and a credit file can help to build a more suitable risk profile of the borrower that falls outside the prime category; Marc Stein of Underwrite.ai goes through specific cases where his company was able to bring down default rates significantly and provides a practical look into how AI can help a lender's underwriting capabilities.
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Tags: Analytics, AI, FinTech
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