AI/ML in the role of Digital lending business: Challenges that the industry must face, solving problems through understanding and leveraging the strengths of technology, resulting in various solutions that truly impact society.
Dr. Saran Ahuja (Sunny), Head of Analytics & Modeling at ABACUS digital, shared insights from the AI/ML perspective directly from the industry through the SCBX Unlocking AI: EP7 Tech Trends 2024 event on May 23, 2024. Key perspectives summarized include:
- The accuracy of risk prediction is a critical challenge in the credit business, especially for customers with limited access to credit.
- Balancing Operating costs vs Risk costs is a crucial variable for effective portfolio management.
- Automation not only aids in digitizing the loan application process but also developing services towards full automation, which is essential in controlling operational and risk costs simultaneously.
- Data foundation is vital, with Thailand paying attention to data privacy and security. Having a central data platform can foster the emergence of various new businesses to address diverse issues for Thais, including the credit industry.
- The introduction of Generative AI contributes to all professions, allowing data scientists to apply it in data analysis, model development, or code writing, resulting in reduced working time and increased efficiency.
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