Implementing AI for Automated Credit Monitoring

Abstract

Credit bureau reports and scores are used together to determine creditworthiness, and it remains essential for the credit bureaus and credit scoring companies to make sure that the information maintained on behalf of creditors is accurate, up-to-date, and serves the financial interests of the consumer. Today, a daily technological leasing has intensified the way we live and deal with businesses, especially financial institutions such as banks. Financial industry institutions must adopt solutions that offer efficient and quick credit monitoring to have a competitive effect in today's financial sector. As a matter of fact, different research in credit management or monitoring has attracted many researchers and practitioners because of its significance and challenges. On one hand, the invention of the personal computer and the advent of the internet up to recent times have transformed personal computing; therefore, these transformations have impacts on every area of financial services. There are three main reasons why banks should upgrade their ability to utilize personal computers and software technology to control the provision of credit. First, technological improvements can generate significant reductions in approval times. Faster decision processing can lead to improved customer satisfaction. Credit is the core of banking; if there is a faster credit decision, customers will receive credit quickly, effectively, and efficiently. Customers whom banks are competing for will be proud to deal with their well-satisfied bank.