Justin Wickett on the Tearsheet Podcast

Justin Wickett on the Tearsheet Podcast Informed

Informed.IQ CEO Justin Wickett recently joined Zest AI CEO Mike de Vere on Tearsheet’s Where Credit’s Due Podcast to discuss, “How AI is changing lending,” with host Iulia Ciutina. You can read excerpts below or listen to the podcast here.

When we talk about lending nowadays, it’s no longer just about big banks with large underwriting teams. Advancements in technology are completely changing the lending and loan management practices.

Take a look at FICO, which has been one of the most reliable credit ranking systems out there. It was developed with some of the most sophisticated algorithms that were available at the time and is still widely trusted to this day. And yet, now it feels outdated and software engineers are out to design a better model. Let’s start the discussion.

What’s your definition of AI and how it relates to the financial services industry?

Mike de Vere: AI has been around since the 1950s. When you say AI, maybe most people think a bit about the Terminator, and artificial intelligence coming alive. But really, you’re teaching a computer to do something that a human might have done. Today, AI gives us great promise to fix a trillion dollar issue in the financial system, which is that the current credit system is failing America, it’s wildly inaccurate. And by applying AI, which is just better math, and consuming more data, you can fix a lot of issues that are in the economy itself.

Justin Wickett: There’s so many different applications for AI. This is technology that’s been around for quite some time. But with the advent of cloud computing, with more and more CPU and GPU resources available in the cloud, financial institutions are able to tap into machine learning and AI to automate processes that historically have required a lot of human input or just haven’t been able to be solved by people. Because folks’ memory is just limited, whereas a computer can do so much processing that before just hasn’t been within reach.eers are out to design a better model.

Continue reading and/or listen here.

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