{"id":1484,"date":"2019-05-11T20:46:45","date_gmt":"2019-05-11T17:46:45","guid":{"rendered":"http:\/\/beeeye.com\/?p=1484"},"modified":"2021-04-11T00:06:28","modified_gmt":"2021-04-11T00:06:28","slug":"banks-without-ai-based-credit-risk-modeling-struggle-to-keep-pace","status":"publish","type":"post","link":"http:\/\/beeeye.com\/banks-without-ai-based-credit-risk-modeling-struggle-to-keep-pace\/","title":{"rendered":"Banks Without AI-Based Credit Risk Modeling Struggle to Keep Pace"},"content":{"rendered":"
So much has changed in the past ten years… unfortunately, most traditional banks have been slow to adapt.<\/p>\n

In parallel with traditional institutions of the banking sector, a thriving fintech industry has flourished, challenging older hierarchies and appealing to the masses with innovative and exciting new solutions. After decades of a relatively stable banking landscape, developments in AI, connectivity, blockchain, and general banking regulation have brought about massive change.<\/p>\n<\/div>\n

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With new lenders entering the market, consumers now have more choice than ever. App-based debit cards and peer-to-peer lending are just two of the new innovations being tested on a daily basis, and public awareness of these alternative services is growing.<\/p>\n

In consequence, risk assessment methods that don\u2019t use AI are falling behind at a rapid pace. Banks must become more agile and reactive to the changing landscape if they are going to keep up with new technology, changing regulations, and disruptions from emerging fintech.<\/p>\n<\/div>\n

Antiquated Business Practices Costing Money<\/h3>\n
The question banks need to be asking is whether they can actually afford not to adopt new technologies, AI based. The banking sector has been slow to adapt to the rising threats and opportunities of fintech and they are now faced with more competition than ever. The greatest concerns for risk modeling today are:<\/div>\n