Artificial intelligence (AI) has become an increasingly popular tool in the world of finance, particularly in the realm of loan approval decision-making. With the ability to analyze vast amounts of data and make predictions based on that data, AI has the potential to revolutionize the lending industry. However, as with any new technology, there are concerns about the impact of AI on social bias in algorithmic decision-making.
One of the main advantages of using AI in loan approval decision-making is its ability to analyze a wide range of data points. This includes not only traditional financial data such as credit scores and income, but also non-traditional data such as social media activity and online behavior.