Instantor's Blog

As part of our mission to augment the skill set of credit risk managers everywhere, we are stoked to launch a new educational platform. The Risk Rollers platform aims to spread knowledge and a deeper understanding of the credit risk management industry.

Machine learning has been an incredible breakthrough in the past quarter-century. From diagnostic decisions in hospitals to loan approvals in banking, the conclusions made by machine learning algorithms have key implications on our personal lives, allowing us to process larger quantities of data faster than ever before.

While machine learning and associated artificial intelligence inarguably provide many benefits, unfortunately, they are also prone to error through biases, just like humans. Once we understand how algorithms are designed, we realise that these algorithms that we place so much trust in will sometimes get things wrong.

I am unashamedly a millennial. I engage in many of the behaviours that make my generation distinctly different to the one that came before it. I am highly individualistic, perhaps some would even say narcissistic. I’ve had social media and access to the internet for as long as I can remember. I don’t really recall a time before having a mobile phone. I spent much of my life in education striving to get the qualifications that my parents and teachers had told me I needed. I studied sustainability, and for a while, I dedicated my life to saving the world and volunteering. I am in so many ways a complete cliché.

At Instantor we want to contribute to a more inclusive and fair financing market. We do this by making people's financial lives easier and helping organisations to understand their customers’ true financial capacity, using transactional data.

Our client, Lendify – Sweden’s largest marketplace for loans – wrote a great opinion article on how traditional credit assessments need to be updated. How new technology, like our AI credit predictor – Insight – can provide a more accurate and detailed risk analysis for lending organisations and be a force for a healthier lending market. Please enjoy a translated version by us that was originally published in Swedish by Realtid.se in October 2018.

For many of the world’s poorest countries, financial inclusion is a big problem. Large numbers of people have trouble just getting a bank account, let alone access to credit – particularly in countries like Colombia, Ukraine and Vietnam, just to name a few.