PYMNTS Data Brief: 88 Pct Of FIs Turn To AI For Post-Pandemic Credit Decisioning
Brandon McGee
“Credit risk decisioning is being called out as the biggest challenge facing banks and financial institutions (FIs) in a time of rebuilding. Banks and FIs have tripled their use of artificial intelligence (AI) in this area since 2018, and it’s ramping up more intensely now.
As the Playbook notes, ‘A large majority of banks have turned to two main strategies to reduce their exposure to downside credit risk: automation and real-time data,’ with 71 percent of FIs increasing their use of decision-making automation and AI to mitigate risk since 2020.”
