Generate the large amount of documentation and proof

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generate the large amount of documentation and proof needed, especially those who are younger and perhaps have been very risk adverse avoiding taking out such things as a credit card. Thus they have little financial history and proof to show that they are economically safe for an investment, creating very limited access to financing. However with the incorporation of A.I. technology, some Fintech companies have managed to analysis borrowers in a different way. A.I. is able to analyse potential borrowers’ social media profiles, browser history, and locations to generate a back log of data to provide their estimated reliability xxviii . Through this, people who don’t have a credit history due to their young age or who for some reason cannot pass a traditional credit check, can have access to an alternative way to be
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deemed as creditworthy and gain access to finance. Without such technology, they would not have the ability to acquire the finance they need leading to inability to purchase new homes and investments. However, to call back to the discussion on personal privacy this is heavily reliant on the consent of consumers, who would be comfortable in allowing the A.I. structures to access their sensitive data and use it in their analysis. People’s virtual representation of themselves often don’t fully reflect them personally. I know that I would dread the idea of my eligibility for a loan being considered off the content of my Facebook profile. A.I. can make the world of finance accessible to all. Due to its approachable nature it can help people make sense of their financial habits and offer the best options available to them xxix . This goes hand and hand with A.I.’s huge possibility to be employed within Fintechs customer service, through the use of a chat bot. In some cases, it has already been successfully employed. A major Swedish bank, SEB, now uses its virtual assistant, Aida to interact with millions of customers. Aida has access to vast stores of data and can answer many frequently asked questions, such as how to open an account or make cross-border payments. More than just a simple financial google Aida has been built with the function to ask callers follow-up questions to help and ensure that their problems have been solved xxx . The most impressive function I think is her capacity to analyse a caller’s tone of voice and use that information to provide better service later. This saves consumers having to fill in annoying surveys about their experience at the end. Whenever the system can’t resolve a problem the customer is directed to a real human advisor representing a Human-machine collaboration allowing companies to interact with customers in novel, more effective ways.
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  • Fall '15
  • LorinBishop
  • Ethics , Financial services, Information privacy, fintechs

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