All of these aspects need to be factored in when financial institutions introduce or enhance technology driven products and services. 8. Talking about opportunities, it would be relevant to note that what we have seen until now could be just the tip of the iceberg.
The use of artificial intelligence (AI) and machine learning (ML) to determine the creditworthiness of clients for small ticket loans by analyzing data from a wide range of traditional and non-traditional data sources, has the potential to enhance access to credit for marginalized customers. Here also it would be necessary to understand the associated risks and mitigate them suitably through various safeguards and precautions.