Artificial intelligence (AI) could provide peer-to-peer lenders with greater lending security and less chance of defaults, a technology consultancy claims.
Nick Parham, technical pre-sales consultant at NashTech, said there is much P2P platforms can learn about AI from traditional lenders.
“The traditional lending market offers us a powerful insight into the potential for AI in P2P lending,” he said.
“AI has the ability to analyse swathes of data from multiple sources, meaning previously ‘unforeseen’ issues are now measurable.
“Applying this technology to P2P lending should translate into greater lender security, with less chance of default. This in turn will only strengthen the P2P market as trust is built.”
It comes as the government set out a commitment to AI technology.
