Post by snowgoose on Sept 26, 2018 19:31:33 GMT
www.altfi.com/article/4751_al-will-aid-financial-inclusion-and-help-close-the-advice-gap
For some time I have become increasingly concerned about the spread of AI. I fail to see how a computer, on it's own, can predict how 'Whatsit Widgets' will perform on loan repayments for the next five years.
AI is a growing market and already there are firms that are writing and selling prediction programs and I fear an over reliance on such products. Using them as one tool in the box when assessing a loan application is fine but only if a human being, who knows what she/he is doing, goes out to kick the tyres.
Development of AI is probably unstoppable but it is being used by p2p platforms, and others, and presently it is a totally unregulated market.
Unfortunately for p2p platforms and their lenders, no one will know if the AI works until well down the line when loans redeem or go belly up.
Any thoughts, especially from anyone in the AI field?
For some time I have become increasingly concerned about the spread of AI. I fail to see how a computer, on it's own, can predict how 'Whatsit Widgets' will perform on loan repayments for the next five years.
AI is a growing market and already there are firms that are writing and selling prediction programs and I fear an over reliance on such products. Using them as one tool in the box when assessing a loan application is fine but only if a human being, who knows what she/he is doing, goes out to kick the tyres.
Development of AI is probably unstoppable but it is being used by p2p platforms, and others, and presently it is a totally unregulated market.
Unfortunately for p2p platforms and their lenders, no one will know if the AI works until well down the line when loans redeem or go belly up.
Any thoughts, especially from anyone in the AI field?
