Sony’s banking unit to use AI to screen housing loans

JIJI

Sony Bank, a unit of Sony Financial Holdings Inc., says it will introduce automated preliminary screening for housing loan applications using artificial intelligence technology.

The system, use of which is scheduled to start Thursday, will shorten the preliminary screening process from the current two to six days to as little as 60 minutes, Sony Bank said Monday.

Besides efficiency, the bank hopes the measure will boost the number of clients who move forward to full screening and thereby improve the bank’s balance of outstanding loans.

The AI-based preliminary screening uses client information registered online, including address, age, income, place of employment and information about the subject property.

Individual screenings will be passed on to humans if the AI is unable to make a judgment.