Abhishek Bhasin, Head of Product at Uplinq, commented on the critical role accessible and affordable credit plays in driving economic growth and reducing wealth inequality, particularly for small businesses. He highlighted the unique challenges faced by minority, women, and migrant entrepreneurs in securing loans, often due to traditional underwriting methods and limited data sources.
Abhishek discussed the transformative potential of AI and machine learning models in expanding credit access by enabling more accurate risk assessments and decision-making. However, he stressed the importance of transparency, explainability, and bias mitigation in AI-driven lending to ensure fair practices. He called on financial institutions to adopt innovative approaches that address these challenges while promoting inclusivity and financial equity.
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