General Knowledge · General Awareness
'CreditFast FinCo' is a Non-Banking Financial Company (NBFC) that specializes in instant short-term loans. They have built an AI-driven model that can approve or reject a loan in under 5 minutes by analyzing the applicant's credit score, bank statement data (fetched via Account Aggregators), and patterns in their mobile phone usage. What is the primary benefit of Artificial Intelligence Technology in Banking and Finance demonstrated in this case?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Reduction in the cost of physical security systems
- 2High-speed, data-driven, and nuanced risk assessment and decision-making✓
- 3Superior regulatory compliance and audit readiness
- 4Elimination of all human staff and branch operations
Correct answer
High-speed, data-driven, and nuanced risk assessment and decision-making
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