The hype surrounding voice technology, bots and machine learning suggests that artificial intelligence is increasingly common in financial services. But that is not the purist’s view of what AI represents.
JPMorgan Chase & Co.’s head of new technologies has been hired by LendingClub Corp. as the peer-to-peer lending pioneer seeks to rebuild business following a scandal over its corporate controls.
The use of artificial intelligence in capital markets is predicted to displace people all over the Street. At the same time, a few new jobs will be created.
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Startups in the payday lending space say their use of artificial intelligence is allowing them to make better loans at lower rates with fewer defaults.
Much like how Amazon went from selling books to selling cloud services, the online lenders that succeed well into the future will change how they do business, Scott Sanborn said.
