Below is a short 2-minute video demonstrating how LenddoEFL’s software works:
“Several companies offer AI-based credit scoring applications to banks and enterprise creditors looking to better understand the risk associated with their potential borrowers. Traditional methods of credit scoring take into consideration the credit histories of potential borrows, but this might not allow certain people access to credit despite the fact that they could pay their loans back when their payments are due.
AI could allow banks and creditors to score potential borrowers on their creditworthiness using alternative data, specifically that from social media posts and Internet activity: what sites someone visits and what they purchase from eCommerce stores. Online behavior can indicate whether a person is likely to pay back their loans, and AI could allow banks and creditors to factor this into their assessments of their potential borrowers.”