Smart Lending

Edwin Carlson, CEO of Bitsmart based in the USA participates in Risk Roundup to discuss Smart Lending. Smart Lending As we watch technology disrupt nations: its government, industries, organizations, and academia (NGIOA), we also see how it is transforming how we, the humans, do things in a digital global age. One of the fundamental elements of human lives, the way we borrow and repay loans i.e. money, is on its way to fundamental transformation. For years, lenders have employed relatively static, tedious, and highly complex lending models that lacked focus on consumer interest, experience, preferences, or priorities. But today lenders find themselves challenged on all sides of innovations by innovators that are not only customer friendly but also seeking to disrupt their traditional model of lending and its associated processes and businesses. From crowdfunding to peer-to-peer lenders, the internet, e-commerce, and technology have brought transformative opportunities for the lending profession and sector. At the center seems to be artificial intelligence-based new software algorithms that price and rate individual as well as business credit. Moreover, thanks to digitalization,  paperless, that is digital processing, seems to have eliminated the slow and tedious pushing of paper between retailers, borrowers, and lenders. The lending industry seems to have reached a point where simple and seamless financing applications offer loan approval and transparent pricing and terms, right on the spot, within minutes. In short “lending” is becoming “smart”! There is no doubt that the world of lending seems to be changing at a rapid pace.  As financial technology (Fintech) startups re-shape the lending industry, it is important to understand and evaluate its impact on the not only lending industry, but the overall financial industry and the global economic system. Time is now to discuss security risks emerging from Smart Lending! For more please watch the Risk Roundup Webcast or hear the Risk Roundup Podcast About the Guest Edwin Carlson is the CEO of Bitsmart Loans – smart lending for smart people. He is based in the United States. Bitsmart will provide P2P lending for the purchase of assets and secured by Internet-of-things devices and recorded on the blockchain with smart contracts.   About Risk Group Risk Group is a leading strategic security risk research and reporting organization. Copyright Risk Group LLC. All Rights Reserved Reference Episodes Machine Learning on Insurance Data to Predict HospitalizationPowering Collective Human IntelligenceCollective IntelligenceCollective Machine IntelligenceSocial Media Based Predictive AnalyticsBig Data Driven TransformationWhat Should Bankers Know About Financial TechnologyPersonal Data OwnershipDigital Transformation of Financial IndustryCloud Computing Driving Nation TransformationBig Data Analytics and Cyber-Security RisksAgricultural RobotsComputational Intelligence & Security RisksBusiness Logic Monitoring and AutomationSocietal Impact of RoboticsEnterprise Digital Intelligence Risks – Need for Smarter Search Tools The post Smart Lending appeared first on Risk Group.