AI can't be wrong, ... can it?
✅ ZEST: "The company said its machine learning models deliver significantly greater accuracy than legacy credit scores, enabling lenders to achieve, on average, a 25% increase in approvals with no added risk and reduce defaults by 20%, while holding approvals constant." [link to story]
✅ Rodney Hood, former Chair of NCUA (and Durham, N.C. native) adds: "Financial inclusion is the civil rights movement of our time... credit scores determine where you work today, if you get to work! Credit scores determine where you live today, if you get an apartment or get a mortgage. Where you live determines where you get to educate your children. What your credit score is determines the car you may or may not have access to, to go to and from work." [link to video - see 00:48].
😎 Translation for the "new/new" lending mavens at SECU. According to AI, your RBL model is an ineffective mess, if on average you are denying 25% of SECU member loans which should rightfully be approved, while increasing your defaults by 20%. Maybe you should call Coastal or Truliant for some guidance and advice about lending and ZEST [link]?
"I can't believe what you say, because I see what you do." - James Baldwin
it's only going to get worse until one day you won't be able to buy or sell ...
ReplyDelete25% error rate is incompetence nt discrimination.
ReplyDelete1:02.. it’s not an error rate, and most likely not true. It’s being misrepresented here - purposely. Some company is hyping numbers to sell stuff and now JB, who knows little about this, declares we’re turning down 1/4 of our members we shouldn’t be? Educate yourself. Think for yourself.
Delete@1:13 Would educate myself if I could, but SECU isn't transparent with that sort of data.
Delete1:02pm Missed again! You've got to quit embarrassing yourself in front of all of us!
DeleteZEST is a company mostly owned by credit unions (including Coastal/Truliant as participants) here check it out [https://www.zest.ai/company/about-us/]
Guess it's easier for you to make up your own "facts", than actually do your homework. Kinda been the lending game plan over the last 3 years... shoot first, ask questions later.
I'll try to educate myself better... you do the same.
I agree, we should be auto denying and approving loans based on a model. Having humans do it is archaic. Thanks for the recommendation.
ReplyDeletelike you weren't already thinking that way ... that's why it rolled off the tongue so easily ...
DeleteAs Ralph Waldo Emerson said, “A foolish consistency is the hobgoblin of little minds, adored by little statesmen and philosophers and divines.”
DeleteSounds like it could be even worse, if folks are being wrongly over-charged for approved loans?
ReplyDelete"I am the richest man in America. I have a wife who loves me in spite of my faults. I have four dogs. Two love only me. One loves everybody. One loves no one, but still is very loyal and follows me everywhere I go on the farm. I have a horse I love to ride around the farm, and best of all she comes to me when I call her. I have too much to eat and a dry place to sleep. I enjoy my business. I love my farm and my home. I have a few close friends, and money has never been my God."
ReplyDeleteEdward "Ted" Jones Jr. expressing his view on wealth
artificial intelligence has been in place at seicu since 2021
ReplyDeleteYep!!!
Delete“System approved”
DeleteAI can help with your spelling, you should try it. Especially when you are trying to make a joke about other people’s intelligence.
Deleteyour wright!
Delete...results of a Wharton study on AI adoption among corporate executives -
ReplyDelete'Today 46% of execs report using AI daily. That’s up from 11% in 2023 and 29% in 2024.'
'... fully 68% of IT workers are using AI on a daily basis, up from 21% in 2023'
'The next big step in AI is “agents” – autonomous AI workers capable of taking a task from start to finish with little oversight.
AI agents are not quite at the stage where they can outright replace human workers. But they can already augment productivity, and allow one person to do the work of two or three.'
Clearly none of these commenters even know what kind of AI they are talking about. Your bios startup program is a kind of AI. Does that mean 100% of computer users use AI?
ReplyDelete