More than 75% of all loans in Russia are issued using AI

More than 75% of all loans in Russia are issued using AI
05 December 2018

No reason to be afraid of the fact that robots completely replace people - in the foreseeable future this will not happen. About how Artificial Intelligence is changing the global economy, tells CEO of oneFactor Roman Postnikov.

Economists warn: the automation of labor will radically change the global economy. According to oneFactor, about 40% of the Russian labor market will change in the medium term.

Today, the leader in labor automation is the financial industry. The banking sector is more sensitive to new technologies, it adapts them faster. Many Russian banks have been using artificial intelligence systems for a long time in general and Machine Learning services, particularly, to determine the solvency of the client, to estimate the probability of default or fraud. Previously, this was done by underwriters. Now the decision-making process is almost completely automated in this market sector. According to oneFactor, today, more than 75% of all decisions on working with clients within the framework of retail loan agreements are made by Russian banks taking into account recommendations based on Artificial Intelligence and Machine Learning services.

 

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