Saturday, May 30, 2020
International Finance

Coming soon: Fujitsu’s AI-based credit scoring for banks

The software, which will be available from October, will help lenders screen small and medium-size businesses

Japan’s Fujitsu is set to launch a credit scoring tool that uses AI to screen prospective borrowers. According to reports, the software is created to help banks and financial institutions in Japan to screen small and owner-operated businesses before forwarding a loan.

The software is expected to be available from October. Currently, Japan faces a shortage of data specialists to perform credit analysis in its financial sector.

The software will use the customer’s bank and business transactions to generate their credit score. However, such information will not be collected without the customer’s consent. The Tokyo-based IT equipment and service provider is yet to decide on a price for its software.

It is very clear that the company has invested a lot in developing integrate AI into its offerings. Earlier this month, the company announced that it plans to introduce a new personnel system for employees specialising in fields such as AI and cybersecurity who will be remunerated somewhere in the bracket of $283,000 to $378,000 irrespective of their age group.

Fujitsu also announced the development of another AI-based technology that draws on mathematical models. With very limited data on rainfall and water levels, the technology will be able to predict floods caused by rivers.

In Australia, Fujitsu and its collaborating partners aim to use AI to detect and monitor brain aneurysms at a faster rate and more efficiently. The project is part of Fujitsu’s push to upgrade its AI capabilities. The project will see the creation of a commercialised product that can be distributed first in Australia and then, globally.

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