MONEDO
Konstantinos Papakonstantinou , Chief Data Officer at Monedo , explains how data analytics and machine learning are transforming money lending
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K onstantinos Papakonstantinou remembers a time when the use of AI was barely spoken about in the financial sector . “ A few years back it was very hard to go to a conference and hear professionals from different organisations talk about leveraging alternative data sources and machine learning to underwrite customers ,” he says . “ Now we see many are going down that path , and there ’ s a real shift towards automation based on machine learning and alternative data .”
For online lending provider Monedo , data science , machine learning , artificial and decision intelligence ( AI and DI ) have been at the heart of the business since it was founded in 2012 . Compared to traditional lending banks that verify income based on tax declarations , payslips and information provided by credit bureaus , Monedo acquires data from as many different data sources as possible , which translates into thousands of attributes that describe the customer , and which can then be fed into its machine learning model .
JULY 2020