This is where transparency and accountability will be critical, to ensure these instances can be quickly identified and corrected at their source.
This is no more important than for the mortgage industry, whereby the decisions made can drastically alter the course of people’s livelihoods.
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Used properly, it’s unquestionable that AI-driven KYC and KYB will not just be a tool for the mortgage industry, but a valuable partner enabling fairer, more transparent decisions that offer a competitive edge and happier customers.
A failure to fully embrace the potential of AI here would be nothing less than a sorely missed opportunity in the years to come.
Marit Rødevand is CEO and co-founder of KYC platform Strise
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