AI-based loan apps are booming in India, but some borrowers miss out
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“Hundreds of mobile lending apps have mushroomed in India as smartphone use surged and the government encouraged digitization in banking, with financial technology (fintech) firms rushing to fill the gap in access to loans.
Globally, about 1.7 billion people do not have a bank account
Authorities have backed the use of AI for creating credit scores for so-called new to credit consumers, who account for about 60% of motorbike loans and more than a third of mortgages.”
