Author: Tronserve admin
Thursday 5th August 2021 02:34 AM
Fujitsu Takes On Fintech With AI Credit-Scoring Tool For Banks
Japanese information technology group Fujitsu will give financial institutions a credit-scoring tool that uses artificial intelligence to screen prospective borrowers.
The Tokyo-based company envisions the cloud-based software, which will likely be available starting in October, being used by lenders typically to assess small, owner-operated businesses.
Fujitsu views a demand for such tools amid a shortage of data specialists available to perform credit analysis in Japan's financial sector. With financial technology startups proliferating, the IT-industry blue chip intends to draw on its existing customer relationships in marketing the AI software.
Credit scores will be generated centered on such information as bank and business transactions. Lenders will need prospective borrowers' consent to use such data. Fujitsu has yet to decide on pricing for the tool but envisions offering both flat-rate and performance-based plans. The latter would help Fujitsu receive compensation if the tool leads to an approved loan.