Jack Ma's Bank: Loans in 3 minutes, zero human intervention, Default rate < 1%

Using real-time payments data and a risk-management system that analyzes more than 3,000 variables, Jack Ma’s four-year-old MYbank has lent 2 trillion yuan ($290 billion) to nearly 16 million small companies.

Borrowers apply with a few taps on a smartphone and receive cash almost instantly if they’re approved.

The whole process takes three minutes and involves zero human bankers.

The default rate so far: about 1%.

Read the full article here.

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