Learn how banks and finance houses use AI for regulatory compliance.

AI and machine learning techniques are being used by regulated institutions for regulatory compliance, and by authorities for supervision. RegTech is often regarded as the subset of FinTech that focus on facilitating regulatory compliance more efficiently and effectively than existing capabilities. The total RegTech market is expected to reach $6.45 billion by 2020, growing at …

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What are the credit scoring models? What is scoring in machine learning? What is credit Modelling?

This is How Machine Learning algorithms Influences Credit Scoring and Insurance industries.

AI and machine learning are already being applied in the front office of financial institutions. Large-scale client data are fed into new algorithms to assess credit quality and thus to price loan contracts. Similarly, such data can help assess risks for selling and pricing insurance policies. Finally, client interactions may increasingly be carried out by …

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The impact of Machine learning in Financial industry

The impact of Machine learning in Financial industry

Researchers in computer science and statistics have developed advanced techniques to obtain insights from large disparate data sets. Data may be of different types, from different sources, and of different quality (structured and unstructured data). These techniques can leverage the ability of computers to perform tasks, such as recognizing images and processing natural languages, by …

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How artificial intelligence will change the debt collection industry?

How artificial intelligence will change the debt collection industry?

Financial institutions have traditionally relied on emails and phone calls in their attempts to drive collections from delinquent customers or turn around delinquent accounts or accounts about to turn delinquent. While banks offer customers alternatives to help them tide over the crisis, the methods used are considered intrusive and often create a negative impact exposing …

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How,when and why do collection agency.s report to the credit bureau?

How,when and why do collection agency.s report to the credit bureau?

Creditors and debt collection services that furnish information to consumer reporting agencies are “data furnishers” or “furnishers of information” (“FOI”s) under the Fair Credit Reporting Act (“FCRA”) and must fulfill the duties of only making “fair”debt credit reports imposed under that act. In addition, FCRA was recently amended by the Fair and Accurate Credit Transactions …

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What is the fair debt collection practices act?

What is the fair debt collection practices act?

The recent fiscal crisis and recession have accentuated debt collection issues, prompted federal regulatory and enforcement activities regarding the debt collection industry, and motivated assessments of the effectiveness of the Fair Debt Collection Practices Act (FDCPA). The Consumer Financial Protection Bureau (Bureau or CFPB) and the Federal Trade Commission (FTC), the two main agencies charged …

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