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Opportunities For Digitalization Of The Creditworthiness Assessment

Author

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  • Dimitar Rafailov

    (University of Economics - Varna, Varna, Bulgaria)

Abstract

Creditworthiness assessment is an important element of financial management not only for credit institutions but also for many other “players” in the financial and the real sector of economy. Digitalization has the potential to increase the efficiency of this process by improving the collection, processing and analysis of information about borrowers. In this respect, big data, artificial intelligence and cloud services make possible to work with unstructured data and take into account non-financial parameters, including related to digital "life" and the psychological characteristics of credit seekers. Since the use of new financial technologies has some drawbacks, digitalization does not completely eliminate the need for human intervention in assessing the borrowers’ creditworthiness.

Suggested Citation

  • Dimitar Rafailov, 2020. "Opportunities For Digitalization Of The Creditworthiness Assessment," Economic Science, education and the real economy: Development and interactions in the digital age, Publishing house Science and Economics Varna, issue 1, pages 139-150.
    • Handle: RePEc:vrn:cfdide:y:2020:i:1:p:139-150
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    File URL: https://ue-varna.bg/~uevarna/uploads/filemanager/303/publishing-complex/2020/Economic_science_education_real_economy_T1_2020.pdf
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    More about this item

    Keywords

    technology adoption; digitalization; creditworthiness; credit check;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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