{"id":8073,"date":"2016-08-09T07:23:27","date_gmt":"2016-08-09T06:23:27","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=8073"},"modified":"2016-08-09T07:23:27","modified_gmt":"2016-08-09T06:23:27","slug":"artificial-intelligence-issued-loans-to-rise-17-bn-by-2021-says-juniper","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/artificial-intelligence-issued-loans-to-rise-17-bn-by-2021-says-juniper\/","title":{"rendered":"Artificial Intelligence issued loans to rise $17 bn by 2021 says Juniper"},"content":{"rendered":"

A new study by Juniper Research titled\u00a0AI & Machine Learning: Fintech\u00a0Dynamics, Disruption & Future Opportunities 2016-2021\u00a0predicts that\u00a0unsecured consumer loans that use artificial intelligence or machine\u00a0learning technology will jump to 960 per cent over the next five years\u00a0(2016-2021) .<\/p>\n

Fueling this growth will be advances in analytics and accessible\u00a0computing power.<\/p>\n

The study also predicts that machine learning spend in Fintech will\u00a0advance rapidly, owing to the highly data\u2011driven nature of the market,\u00a0meaning that AI integration is likely to spell substantial benefits.\u00a0Juniper researchers claim that machine learning has seen a tremendous\u00a0leap in activity since 2011, with substantial increases in VC and R&D\u00a0investment. For example, 2 Fintech start-ups, Kabbage and ZestFinance,\u00a0have collectively raised US$500 million in funding alone. Meanwhile\u00a0vendors analyzed in Juniper\u2019s research have spent a total of US$83\u00a0billion in R&D during 2015. Each of these vendors names AI as a part\u00a0of core strategy.<\/p>\n

Juniper identified two barriers to innovation that have come down in\u00a0recent years: high cost of artificial technology and access to\u00a0extensive data sets for algorithm training were limited.\u00a0Presently, the ability to use GPU (graphics processing unit) hardware\u00a0for processing massive and highly available data sets, along with\u00a0unlimited affordable computing power in the form of distributed\u00a0architecture has opened the market to a swathe of disruptive new
\nplayers.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

AI is particularly useful for risk-assessment purposes, where\u00a0variables from numerous financial and non-financial data points are\u00a0assessed by algorithms to approve loans. This widens the addressable\u00a0market for financial institutions considerably over traditional FICO\u00a0credit scoring, where lack of credit history may mean loan rejection\u00a0despite a real low risk for the lender.<\/p>\n

\u201cWhere Big Data analytics offered retrospective business intelligence,\u00a0machine learning offers predictive and even prescriptive\u00a0capabilities,\u201d noted research author Steffen Sorrell. \u201cData is key \u2013\u00a0and industries able to draw expertise from data scientists will be the\u00a0first to capitalize on the AI opportunity.\u201d<\/p>\n

Juniper Research says AI has a long history in financial institutions.\u00a0As far back as 1980 expert systems were around to help perform \u2018if\u00a0this then that\u2019 algorithms to data to support decision-making. Today,\u00a0machines are being used to detect potentially fraudulent card\u00a0transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"

A new study by Juniper Research titled\u00a0AI & Machine Learning: Fintech\u00a0Dynamics, Disruption & Future Opportunities 2016-2021\u00a0predicts that\u00a0unsecured consumer loans that use artificial intelligence or machine\u00a0learning technology will jump to 960 per cent over the next five years\u00a0(2016-2021) . Fueling this growth will be advances in analytics and accessible\u00a0computing power. The study also predicts that machine …<\/p>\n","protected":false},"author":11,"featured_media":7880,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23],"tags":[678],"coauthors":[2392,2393],"class_list":["post-8073","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","tag-artificial-intelligence"],"yoast_head":"\nArtificial Intelligence issued loans to rise $17 bn by 2021 says Juniper - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/artificial-intelligence-issued-loans-to-rise-17-bn-by-2021-says-juniper\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Artificial Intelligence issued loans to rise $17 bn by 2021 says Juniper - National Wire\" \/>\n<meta property=\"og:description\" content=\"A new study by Juniper Research titled\u00a0AI & Machine Learning: Fintech\u00a0Dynamics, Disruption & Future Opportunities 2016-2021\u00a0predicts that\u00a0unsecured consumer loans that use artificial intelligence or machine\u00a0learning technology will jump to 960 per cent over the next five years\u00a0(2016-2021) . 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