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<strong>1. Al and Credit Decisions</strong>
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Al-backed credit scoring is based on a sophisticated and more complex rule, helping financial institutions or lenders in distinguishing the high default risk holders from creditworthy people lacking only an extensive credit history. Another benefit of this mechanism is objectivity as there is no biasness. Digital banks and lending apps utilize machine learning algorithms to use alternative data such as smartphone data, to assess the loan qualification and offer personalized solutions. 
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