Leveraging Artificial Intelligence for Credit Scoring and Loan Approval: Transforming Financial Services

Abstract

Artificial Intelligence (AI) is revolutionizing various sectors, including financial services. This paper explores the application of AI in credit scoring and loan approval processes. We discuss traditional credit scoring methods, the integration of AI techniques, and the benefits and challenges associated with AI-driven credit scoring systems. We also examine case studies and future trends, highlighting how AI can enhance accuracy, efficiency, and inclusivity in financial decision-making.