Build, Buy, Rent: AI Approaches to Lending

“AI adoption accelerated due to the COVID-19 pandemic, according to a new KPMG report on business adoption of AI. In financial services, 84 percent of leaders said AI is at least moderately functional in their organization, a 37-percentage point increase from the previous year. It’s official – AI is a must have.
With the business case justified, leaders are focused on answering the implementation strategy question – “Should we build, buy, or rent?” It’s an age-old dilemma but for ML underwriting, the decision is particularly nuanced. Many factors are overlooked which is why those who decided to build their own end up with an ML model they can’t deploy. In fact, AI project failure rates are at 47%, according to a Gartner report.”