Mizuho to Launch Online Loan Service for Small Firms
Tokyo, April 16 (Jiji Press)--Mizuho Bank said Tuesday that it will start a new loan service for small firms in May in which applications and other necessary procedures can be conducted fully online.
The unit of Mizuho Financial Group Inc. <8411> will use artificial intelligence to screen loan applications, without seeking the submission of earnings statements from the potential borrowers.
Mizuho will be the first of the three Japanese megabanks to use AI for loan screening.
Loans will be provided in two business days since applications at the earliest, to flexibly meet demand for operating funds. Up to 10 million yen will be extended per client for a maximum of one year.
Mizuho's AI system has the ability to evaluate applicants' creditworthiness, without earnings figures, based on data of money flows to and from their bank accounts.
[Copyright The Jiji Press, Ltd.]