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AI loan screening for Japan regional banks to take only seconds

Hitachi and SBI affiliate to set up joint venture

The AI-based loan screening is expected to broaden from mortgage applications to other types of loans.

TOKYO -- Japanese internet bank SBI Sumishin Net Bank will work with Hitachi to offer an instant loan-screening service powered by artificial intelligence to regional banks, a sector facing intensifying competition amid the country's shrinking population.

The AI will take only seconds to compute risks and express them as a value between zero and 100%, using such data as annual income, occupation, family composition and credit history. Bank staffers conventionally place applicants into several different risk levels based on credit history, a process that takes days.

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