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AI technology is revolutionizing the finance sector by automating banking procedures and extracting valuable insights from data. AI platform lending is a cutting-edge technology that harnesses machine learning algorithms to streamline the lending process. This technology has the potential to boost financial service revenues by 34% and contribute to a 26% growth in the economy. AI platform lending involves using data analytics to evaluate creditworthiness, risk and other factors that determine the probability of a borrower defaulting on their loan. The origins of AI in lending can be traced back to the 1990s, when machine learning algorithms were initially employed to evaluate credit risk.
