Articles
| Open Access | THE ROLE AND FUTURE PROSPECTS OF ARTIFICIAL INTELLIGENCE IN DEVELOPING CREDIT SCORING MODELS
Jurayev Bekzod Bahodir ugli. , Westminster International University in Tashkent, faculty: Business Intelligence and Analytics, 2nd-year master’s student. “Turonbank” JSCB, Risk Department employee.Abstract
In recent years, artificial intelligence (AI) and machine learning (ML) technologies have been revolutionizing one of the most important areas of the financial system - credit scoring. Credit scoring is crucial for banks and financial institutions in assessing the financial worthiness of borrowers and minimizing risks. While traditional statistical methods (e.g., logistic regression, FICO score) are effective to some extent, they cannot fully capture the complex, nonlinear patterns of the modern digital economy, as well as the wide range of alternative data sources. This article provides an in-depth analysis of modern AI algorithms used in credit scoring, their strategic advantages over traditional methods and practical challenges. The article also highlights the technological trends expected in the future (explainable AI, blockchain) to make this industry more transparent, secure, and inclusive, and the specific aspects of introducing AI in the Uzbek financial market.
Keywords
credit scoring, artificial intelligence, machine learning, financial technology (FinTech), risk assessment, blockchain, data security, financial inclusion.
References
https://www.similarweb.com/blog/insights/ai-news/chatgpt-25-million
Vijaya Kanaparthi. Transformational application of Artificial Intelligence and Machine learning in Financial Technologies and Financial services: A bibliometric review. 2024. https://arxiv.org/pdf/2401.15710.
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Animesh Kumar. Redefining Finance: The Influence of Artificial Intelligence (AI) and Machine Learning (ML). Transactions on Engineering and Computing Sciences - Vol. 12, No. 4 Publication Date: August 25, 2024 https://doi.org/10.48550/arXiv.2410.15951
O‘zbekiston Respublikasi Prezidentining 2021-yil 17-fevraldagi Sun’iy intellekt texnologiyalarini jadal joriy etishuchunshart-sharoitlar yaratish chora-tadbirlari to’g’risidagi qarori
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