Fujitsu to provide AI-based credit scoring tool to financial institutions

The company envisions the cloud-based software, which will be available starting in October 2019, being used by lenders mainly to assess small, owner-operated businesses.

Fujitsu sees a need for such tools amid a shortage of data specialists available to perform credit analysis in Japans financial sector. With financial technology startups proliferating, the IT-industry blue chip seeks to draw on its existing customer relationships in marketing the AI software.

Credit scores will be generated based on such information as bank and business transactions. Lenders will need prospective borrowers consent to use such data.

Fujitsu has yet to decide on pricing for the tool but aims offering both flat-rate and performance-based plans. The latter would let Fujitsu receive compensation if the tool leads to an approved loan.