'More consumers, less risk': AI is changing the game for credit scoring, says fintech CEO

One financial technology company CEO says AI and machine learning have opened new doors for credit lending.

Propel Holdings, an online financial technology service, recently reported a 47 per cent jump in the company’s first-quarter sales, a result CEO Clive Kinross attributes to AI and machine learning that is able to change the game of traditional credit scoring.

“Our AI and our machine learning looks at thousands and thousands of variables and over 5,000 variables in each customer as compared to traditional credit scores which are just not useful in scoring our consumers,” he told BNN Bloomberg during an interview on Monday. 

“As a result of that we’re able to find more and more consumers because of our AI and machine learning without necessarily taking on more risk,” he explained.