A recent report by Nikkei Asian Review shared that Japanese IT group Fujitsu will offer 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 be available starting in October, being used by lenders mainly to assess small, owner-operated businesses,” said the report.
Additionally, it highlighted that “Fujitsu sees a need for such tools amid a shortage of data specialists available to perform credit analysis in Japan’s financial sector.”
In fact,with financial technology startups proliferating, the IT-industry blue chip seeks to draw on its existing customer relationships in marketing the AI software. Credit scores will be generated based on such information as bank and business transactions, however, lenders will need prospective borrowers’ consent to use such data.
The report closed: “Fujitsu has yet to decide on pricing for the tool but envisions offering both flat-rate and performance-based plans. The latter would let Fujitsu receive compensation if the tool leads to an approved loan.”
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