Introduction to AI in Credit Assessment
Artificial Intelligence (AI) has rapidly integrated into various aspects of daily life, including credit granting and assessing applicant viability. Fintech platforms, in particular, utilize AI models to analyze user characteristics and expedite decision-making processes without lengthy in-person procedures or physical document submissions.
AI Implementation in Credit Analysis
Pablo Dávalos, Chief Data Officer of Kueski—a technology company specializing in credit and buy-now, pay-later schemes—explained that applicants only need to complete a digital questionnaire. Based on the responses, AI algorithms determine credit viability.
“AI models process over 100 variables simultaneously,” Dávalos noted. “No longer is it necessary to send official documents to a branch or scan and upload them; this makes the process much more efficient.” In most cases, only a user photo and official identification are required.
These models consider traditional factors like income, credit history, and age, as well as online shopping patterns and digital consumption habits. They also automatically determine interest rates, credit lines, payment terms, and other associated conditions.
Wolfgang Erhardt, spokesperson for Buró de Crédito, pointed out that AI can facilitate access to financing for individuals without credit history by using alternative variables not typically considered in traditional processes.
The Role of Human Oversight and Privacy
While AI can issue quick and accurate resolutions, both experts agree that constant human oversight is necessary to ensure effectiveness, security, and respect for user privacy.
“AI models should be designed under ethical algorithmic principles, data privacy, and non-discrimination to ensure auditable, explainable, and fair results,” Erhardt stated.
Dávalos added that a human team should always monitor algorithm performance, detect issues, and optimize processes.
Digital technology use may cause user resistance due to data protection concerns. Dávalos recommends choosing formal, regulated platforms that clearly communicate processes, privacy policies, and complaint mechanisms.
The National Commission for the Protection and Defense of Financial Services Users (Condusef) advises verifying platform registration in the System of Registration of Financial Services Providers (Sipres) and reviewing their rating with financial entities.
Key Questions and Answers
- What is AI’s role in credit assessment? AI models analyze user characteristics and expedite decision-making processes, considering traditional factors and digital consumption habits.
- How does AI benefit users without credit history? AI uses alternative variables not typically considered in traditional processes, facilitating access to financing.
- Why is human oversight essential in AI-driven credit assessment? Human oversight ensures effectiveness, security, and respect for user privacy while adhering to ethical algorithmic principles and data privacy.
- How can users protect their data when using digital credit platforms? Choose formal, regulated platforms that clearly communicate processes, privacy policies, and complaint mechanisms. Verify platform registration in the Sipres system.
