Using AI in a financial business can reduce losses by 23%. That’s the impact of AI! It has affected almost every industry since its inception. From traveling to online learning, everything is powered by Artificial intelligence today. The most significant impact of AI can be seen in the microfinance industry.
AI has revolutionized the microfinance industry and some of the positive changes that came into effect are as follows:
FinBraine’s CredBraine for instance is a perfect example of an AI-based lending platform. It provides banks, micro-lenders, telecoms, and wallet service providers with advanced technology. It allows them to thrive through BIG data analytics.
CredBraine has revolutionized the way loan origination, servicing, and collection is done. It facilitates lenders with intelligent lending, smart credit, and advanced scoring. Thus giving access to quality credit and acceptance rates.
Benefits of Implementing AI From Customer Point of View
These are the perks of using AI by small businesses or micro-lending companies. However, fintech machine learning provides the best of both worlds. It is also useful from a customer point of view offering benefits such as:
AI or machine learning is still in its beginning stages in the microfinance industry. Although it has made noteworthy changes in the traditional processes of the industry. Needless to say, it is reshaping the industry for good. By adding automation in the processes, it has made it possible to save both time and labor.
Another added benefit is the security. Since AI can assess both traditional as well as non-traditional data of the user, there are negligible chances of fraud by the debtors. It is not just a boon for the lenders but helps the borrowers as well.