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Artificial intelligence in credit scoring. An analysis of some experiences in the Italian financial system

Author

Listed:
  • Emilia Bonaccorsi Di Patti

    (Bank of Italy)

  • Filippo Calabresi

    (Bank of Italy)

  • Biagio De Varti

    (Bank of Italy)

  • Fabrizio Federico

    (Bank of Italy)

  • Massimiliano Affinito

    (Bank of Italy)

  • Marco Antolini

    (Bank of Italy)

  • Francesco Lorizzo

    (Bank of Italy)

  • Sabina Marchetti

    (Bank of Italy)

  • Ilaria Masiani

    (Bank of Italy)

  • Mirko Moscatelli

    (Bank of Italy)

  • Francesco Privitera

    (Bank of Italy)

  • Giovanni Rinna

    (Bank of Italy)

Abstract

This report investigates the use of artificial intelligence and machine learning (AI-ML) techniques used by the Italian financial intermediaries to assess creditworthiness. The analysis aims to evaluate how financial intermediaries use AI-ML techniques for customer selection and management within credit processes, and to gather information on their awareness of specific risks that characterise such methodologies. Stemming from the theoretical analysis of conceptual determinants, techniques and legal/institutional context of AI-ML for credit scoring, the report provides insights on the survey on the adoption of such methodologies by financial intermediaries.

Suggested Citation

  • Emilia Bonaccorsi Di Patti & Filippo Calabresi & Biagio De Varti & Fabrizio Federico & Massimiliano Affinito & Marco Antolini & Francesco Lorizzo & Sabina Marchetti & Ilaria Masiani & Mirko Moscatelli, 2022. "Artificial intelligence in credit scoring. An analysis of some experiences in the Italian financial system," Questioni di Economia e Finanza (Occasional Papers) 721, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_721_22
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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2022-0721/QEF_721.pdf
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    More about this item

    Keywords

    artificial intelligence; machine learning; credit; credit scoring; algorithmic bias; discrimination;
    All these keywords.

    JEL classification:

    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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