The fintech revolution: who now assesses your personal loan application?

In an age of rapid technological disruption, Aussie banking practices are constantly changing and there is now a piece of technology that could be responsible for assessing your creditworthiness when you apply for a personal loan.

In an age of rapid technological disruption, Aussie banking practices are constantly changing and there is now a piece of technology that could be responsible for assessing your creditworthiness when you apply for a personal loan.

Personal loan provider, Harmoney, kicked off the new year by teaming up with DataRobot, an automated machine learning platform, in the hopes of improving both the speed and accuracy of its application process.

“With our deployment of DataRobot, we’re now using artificial intelligence to reduce risk for our lenders,” Brad Hagstrom, joint-CEO of Harmoney told CIO.

The new partnership means that the peer-to-peer provider now boasts turnaround times – from application to funding – of under 24 hours.

“Our marketplace, which has more than 15,000 members and has facilitated more than $700 million in loans, will now feature the same credit risk assessment capabilities used by the best banks in the world,” said Hagstrom.

What is machine learning?

You’ve probably heard of it, even if you’re not entirely sure of what it is, and that’s because the term ‘machine learning’ was first coined back in the 1950’s.

Falling under the broader term of artificial intelligence (AI), machine learning is a form of technology that gives computers access to data and the ability to learn without necessarily being programmed to.

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Source: The fintech revolution: who now assesses your personal loan application? – Mozo