Artificial intelligence with credit scoring models: International experience and several recommendations

Abstract

Vietnam is not an exception to the way that the future of the global finance business is being shaped by the convergence of big data and artificial intelligence (AI). Financial institutions in Vietnam are putting more emphasis on research and the use of AI in evaluating the creditworthiness of their customers in light of the quickly changing credit market. High efficiency and accuracy in predicting credit risks are promised by AI technology in conjunction with sophisticated machine learning algorithms. By using desk research method, the authors provide a number of suggestions to improve the role of AI in the creation of credit scoring models in Vietnam, based on examining this issue from both theoretical and international experience perspectives.