True Balance Uses AI to Assess Borrowers Beyond Traditional Credit Scores
True Balance is expanding its use of artificial intelligence (AI) to assess thin-file borrowers, as it looks beyond conventional credit histories to evaluate consumers who can be difficult to assess through traditional lending models.
The fintech is using consent-based alternative data alongside traditional bureau scores for credit assessment. Its parent company, Afinit, and Seoul National University (SNU) have also jointly filed a patent for an AI credit-scoring technology designed to refine evaluations for customers who were previously not approved.
The development formed a key part of the Korea-India AI Financial Inclusion Conference, co-hosted by True Balance and the South Asia Center of the Asia Institute at SNU. Held on September 9 in a hybrid format connecting Gurugram and Seoul, the conference brought together participants from financial services, academia and policy to examine how AI could widen access to formal credit.
True Balance said the AI-led credit models it deployed over...
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