Banking begins to use AI in the credit process

Stephen Hawking, the renowned physicist, stated in 2005 that, as in the past, the future development of mathematics would directly or indirectly impact our way of living and thinking. Years later, said mathematics made possible the development of artificial intelligence (AI), whose adoption has become a key factor for the economic growth of countries.

According to Tuesta, to date nothing is known regarding the entry of the private manager or the restructuring of Petroperú’s debt, which are key elements that the previous board of directors had raised and that it is inevitable that the oil company ended up asking for money at some point. time next year.

In Peru, the banking sector has recommended using AI to optimize processes such as credit evaluation and collection management. Agustín Rodríguez, CEO of PFSTECH, explained to Perú21 that AI is allowing banks to make more informed decisions about their customers, such as defining loyalty strategies, evaluating risks of non-payment and approaching users efficiently.

Rodríguez pointed out that the implementation of AI not only benefits financial entities, but also clients, since it allows reducing the costs associated with credit evaluation, which all users end up paying.

For his part, Alfonso Higueras, Country Manager of PFSTECH in Peru, highlighted the ability of AI to identify patterns and risks that traditional methods could not detect. He indicated that 90% of the prediction models used in the Peruvian financial system were still based on conventional statistical methods, which placed many institutions at a disadvantage compared to those that had already adopted solutions based on artificial intelligence.

Various uses

According to the study Artificial Intelligence: X-ray of a revolution in progress, prepared by Minsait, of the Indra Group, in which Peruvian financial entities participated, 56% of them used AI for data processing, 38% for cybersecurity, 38% for the design and personalization of campaigns, and a third for banking and fraud risk management.

Higueras added that the adoption of AI has the potential to reduce concentration in the financial market by allowing smaller entities to implement effective tools for risk prediction and process automation.

He argued that this would facilitate the reduction of the cost of credit and its flow to sectors currently excluded from formal financing, thus improving financial inclusion.

Despite the potential benefits, the use of AI requires broader adoption across all sectors of the economy so that Peru can produce more with available resources. However, the country’s situation presents challenges.

Liliana Rojas Suárez, director for Latin America at the Center for Global Development, warned about the gap in Peru’s preparation for the adoption of AI. According to the Latin American Artificial Intelligence Index 2024, the country obtained 42.5 points on a scale from 0 to 100, ranking below leaders such as Chile (73.1 points), Brazil (69.3 points) and Uruguay (65 points).

Rojas Suárez emphasized that it was not only about having technology, but also about developing the capabilities of human capital to take full advantage of it.

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