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Besides the security part, many companies us that data in their Machine Learning models. I've used it myself extensively over the past 10 years in Fintech. As
by salomonk_mur 2y ago
Besides the security part, many companies us that data in their Machine Learning models. I've used it myself extensively over the past 10 years in Fintech.
As a small tidbit of information, did you know iPhone users are ~40% less likely to default on a small loan than Android users (at least in my country).
And the differences go all the way to specific models, OS versions, installed apps, IP range, browser of choice...
- SequoiaHope 2y agoSure but isn’t this due to income disparities between iPhone and android users? Android is available in more cheaper models so poorer groups include more android users. A bank is going to care more about proof of income than what phone OS you use, will they not?
- reverendsteveii 2y agoYou can normalize data in order to isolate the effects of a given variable. Essentially, you just change the question from 'Are android users more likely to default on a loan?' to 'Given that all other factors are roughly equal, are android users significantly more likely to default on a loan' and then you do some complex math I don't understand to determine whether income disparities are actually a factor or if the model phone you own affects your likelihood of repaying a loan without regard to your income.
- MR4D 2y agoThink about it this way - banks are prohibited from asking certain questions. However, if they have a strong correlation with another factor, then they can ask that and get the same result.
- hack_fraud13 2y agoBanks are absolutely allowed to ask for your income and credit history. Why would phone model be a better signal than credit score, for loan defaults?