Download PDF

Abstract

In the rapidly evolving landscape of financial services, the ability to make accurate, rapid, and inclusive credit decisions has become a critical differentiator. As the Chief Technology Officer and co-founder of Jifiti, the author recognizes the pressing need for innovation in credit decisioning systems. This proposal presents a groundbreaking solution: an AI-powered Underwriting Engine designed to revolutionize how Jifiti and its partners assess creditworthiness and extend financial products to a broader range of consumers. The financial services industry currently faces several significant challenges. Traditional credit scoring methods, relying heavily on limited data sources and rigid algorithms, often fail to capture the true creditworthiness of individuals, particularly those from underserved communities or with limited credit histories. According to recent studies, approximately 45 million Americans are either credit unserved or underserved. This represents a vast untapped market and a missed opportunity for financial inclusion.

Author: Meir Dudai