PKO BP revealed the secret. It concerns 8 out of 10 loans

PKO BP uses the latest technological solutions in the form of artificial intelligence. Today, it supports the largest bank in Poland in decisions regarding most of the loans granted today.

AI decides on loans in PKO BP

PKO BP admitted that today over 80 percent of credit decisions are made with the support of advanced machine learning algorithms. AI is used in most consumer and SME loans, as well as 30 percent of mortgage loans.

– Effective risk management is a key element in maintaining the stability of banks. Thanks to modern technologies, we have implemented a cloud-based risk assessment tool, which has allowed us to increase the power of data processing. Currently, over 80 percent of credit decisions are made using machine learning algorithms. Based on the huge amount of information from various sources, we are able to create increasingly advanced models for risk assessment, forecasting various phenomena and customer behavior. As a result, we grant more loans at the lowest risk costs in the sector

– says Marek Łach, Director of the Retail Market Customer Credit Risk Division at PKO Bank Polski.

According to PKO BP, the use of artificial intelligence allows the creation of more accurate risk assessment models. The mechanism takes into account not only data from external sources, but also customer behavior in mobile and online banking. Interestingly, this translates into the acceptance level of applications by 2 percentage points, so customers probably have no reason to worry. AI grants them loans more often than a human.

However, precision is not the only advantage of using artificial intelligence. Machine learning makes the application approval process faster and simpler. In the case of the best clients, with a good repayment history, the decision is made practically automatically and without any formalities.

Artificial intelligence also supports the processes of monitoring the timeliness of repayments and helps select the appropriate form of contact with a client who has problems settling liabilities.

– informs PKO BP.